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Crude oil prices edged up early on Tuesday, extending gains from the previous session as investors worried about tight supply ahead of the winter heating season in the Northern Hemisphere.
Gold prices are trading just above the 1,700 level after steep overnight losses. A surprise inflation reports out of the United States on Tuesday shifted the market’s outlook regarding Fed rate hike bets. The Fed may deliver a 100-basis point rate hike later this month, according to overnight index swaps. That shocked bullion traders, many of whom expected the August CPI number to mark the turning point in the FOMC’s fight against rising prices.
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