Oil dips to $47.25/bbl

After inching marginally higher on Tuesday, the global oil prices dipped sharply yesterday. While the Nymex U.S. light crude oil for June delivery tumbled $1.72 to close at $47.25 a barrel, the London Brent crude lost $1.30 to $48.07 per barrel.

The metal category saw the Comex gold jump $2.10 to settle at $421.90 an ounce.