Oil Surges Above $49 as Supply Draw Shows Market in Better Shape

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Oil closed above $49 a barrel for the first time since May on growing optimism OPEC’s supply cuts are trimming a supply glut. Futures climbed 0.6 percent in New York for a fourth day of gains. Kuwait joined the U.A.E. in promising to pump less oil after Saudi Arabia called on OPEC producers to cut more supply. U.S. crude inventories declined by 7.21 million barrels last week to the lowest level...
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Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year

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Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year. Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since De...
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Kuwait Joins Saudis, U.A.E. in Promising More OPEC Oil Cuts

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Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut. Kuwait Petroleum Corp. has agreed with customers in the U.S. to reduce contractual sales volumes of oil for 2017, state-run KPC said. The announcement came a day after U.A.E. Minister of Energy Suhail Al Mazrouei said Abu Dhabi ...
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Saudi Arabia Turns Off the U.S. Oil Tap

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At last, Saudi Arabia seems to be doing what it takes to reduce the world's most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC's deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group's oil ministers as they and other producer nations meet in St Petersburg on Monday. Sau...
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His Gold Calls Have Been Quite Accurate; Now He’s Calling The Bottom

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(Kitco News) - It seems the best way for investors to make money in the gold market lately is by being on the bearish side, but according to one analyst with a strong track-record, this trend could change. “Gold dropped 5 weeks in a row after my May 29th bearish call. All indicators tell me that a trend reversal is imminent,” noted Lejun James Shao, founder of www.myIRAs.net, in a Seeking Alpha...
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Contributed Commentaries It’s Do or Die for Gold and Silver

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(Kitco News) - Being bullish on the metals has been painful; there has been a dramatic drop off in interest as these markets have mostly drifted or got pounded lower. We were and still are bullish but our line in the sand comes right here in the $1,220 area in gold(puking out under $1,200) and the $16.00 level in silver (trading at $15.98, puking out at $15.70). The metals story has been very c...
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Instant View: Yellen – Economy healthy enough for gradual rate rises

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(Reuters) - The United States is healthy enough to absorb further gradual rate increases and the slow wind down of the massive bond portfolio accumulated by the Federal Reserve during the financial crisis, Fed Chair Janet Yellen said in prepared testimony to be delivered to Congress Wednesday morning. Key Points: * Yellen: Interest rates are rising, and "would not have to rise all that much fu...
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COMMODITIES HALFTIME REPORT: SEPARATING THE WHEAT FROM THE CHAFF GOLD

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Of the 14 commodities we track closely at U.S. Global Investors, wheat rose to take the top spot for the first half of 2017, returning more than 25 percent. The grain was followed closely by palladium—used primarily in the production of catalytic converters—which gained 24 percent. To view our ever-popular, interactive Periodic Table of Commodity Returns, click here. Between the start of...
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Fed debating when to unwind $4.5 trillion in bond holdings

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WASHINGTON (AP) — The Federal Reserve is figuring out when to start unloading much of its $4.5 trillion in bond holdings — a major turning point for an economy still healing from the 2008 financial crisis. Some Fed officials want to announce the beginning of the process "within a couple of months," according to minutes of the U.S. central bank's June meeting released Wednesday. Others pushed fo...
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Fed Officials Divided on When to Begin Balance-Sheet Unwind

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A divided Federal Reserve policy committee couldn’t reach an agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting. “Several preferred to announce a start to the process within a couple of months,” the minutes of the June 13-14 meeting released on Wednesday in Washington showed. “Some others emphasized that deferring the decisi...
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