Fed says stimulus wind down to begin ‘relatively soon,’ leaves rates unchanged

The Federal Reserve laid the groundwork Wednesday to begin winding down shortly the massive stimulus program it embarked on to rescue the economy from the financial crisis. As expected, the Fed also unanimously declined to raise interest rates this month. After its two-day policy meeting, the Federal Open Market Committee released a statement containing key language that points to starting the move in September. At that time, the central bank will begin rolling off the $4.5 trillion portfolio...
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Oil Surges Above $49 as Supply Draw Shows Market in Better Shape

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 since early January, according to the Energy Information Administration. The market is digesting...
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Amber Waves of Grain

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 the year and June 30, the Bloomberg Commodity Index contracted 4.03 percent, with energy weighi...
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Oil rises above $52 as Saudis and Russia back longer supply cut

By Alex Lawler | LONDON Oil hit its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Global benchmark Bren...
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Oil slips below $52 as U.S. drilling, China worries weigh

By Alex Lawler | LONDON Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut. U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output C-OUT-T-EIA in the United States has hit its highest since August 2015, government data shows. "The U.S. rig count indicates that...
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Stocks rise as jobs data points to rate hike, crude falls

By Herbert Lash | NEW YORK Crude oil resumed a downward drift and global equity markets rose on Friday after a robust U.S. jobs report drove home the strength of the American economy and set the stage for the Federal Reserve to raise interest rates next week. U.S. employment increased more than expected in February and wages rose steadily, providing the Fed a green light to raise rates at a policy-setting meeting on March 15. Nonfarm payrolls rose by 235,000 jobs as the construction sec...
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Crude oil prices stage meager rally ahead of Fed speech

By Daniel J. Graeber March 3 (UPI) -- Oil prices were relatively flat early Friday as investors watched U.S. crude oil inventories ahead of a data release on exploration and production activity. Crude oil prices lost ground in Thursday trading following reports that Russia was lagging behind its peers in terms of commitments to an effort led by the Organization of Petroleum Exporting Countries to balance an oversupplied market through managed declines. On Friday, the Kremlin said it wa...
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Oil slips as more U.S. drilling revives concern about glut

A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices fell on Monday as news of another weekly increase in U.S. drilling activity had oil forecasters concerned that production cuts from other producing nations may not reduce the global supply glut as much as many had hoped. Global benchmark Brent crude oil prices were down 39 cents at $55.13 a barrel at 11:16 EST (1616 GMT), while U.S. crude futu...
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World stocks edge lower, dollar recovers ground after U.S. jobs report

By Saqib Iqbal Ahmed | NEW YORK Global equity prices edged lower on Friday after December's U.S. non-farm payrolls report showed a slowing in hiring but an increase in wages, setting the economy up for further interest rate increases from the Federal Reserve this year. The jobs report sent the dollar to session highs against several major currencies, and U.S. Treasury debt yields rallied from multi-week lows. U.S. employment increased less than expected in December but a rebound in wage...
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UPDATE 5-Oil hits 18-month highs as markets eye output cuts

Christopher Johnson * Crude benchmarks hit highest levels since July 2015 * OPEC, non-OPEC cut deal took effect on Sunday * Libya raises oil production to 685,000 bpd * Oman notifies customers of crude term volume cut in March * Russia's Dec oil output unchanged at 11.21 mln bpd (Updates detail, prices; paragraphs 1-3) LONDON, Jan 3 (Reuters) - Oil prices hit 18-month highs on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut ...
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