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Oil futures fell Wednesday after a larger-than-expected increase in U.S. crude supplies, which kept inventories at their highest level in 80 years. At 406.7 million barrels, U.S. inventories are at their highest since 1924. Gasoline inventories dropped by 2.6 million barrels, whereas distillates supplies dropped by 3.9 million barrels.
Gold prices fell on Wednesday, losing ground as investors jumped back in to equities ahead of the key Federal Reserve statement later in the day. The Fed will release a policy statement at 2 p.m. Eastern, with traders looking for any hint as to when the central bank might start raising interest rates.