Oil Futures Slump Ahead of Upcoming FOMC Meeting
Oil futures shed more than 3% early Monday ahead of the Federal Reserve's two-day policy meeting, which begins on Tuesday.
Traders are awaiting the central bank's decision on interest rates and whether a pause will be implemented. The streak of rate hikes dates back to March 2022 as part of the Fed's ongoing efforts to slow inflation.
Also ahead is the inflation data for May 2023, which will be released by the Bureau of Labor Statistics Tuesday morning. Annual inflation in April was reported at 4.9%, the smallest 12-month increase since April 2021...
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