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Gold Recovery Likely Short-Lived as Indian Buying in Festival Weakens

Posted October 20th, 2017 by TorstenBarr and filed in General News
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Gold price gained for the first time in 4 days on hopes that Diwali, India’s festival beginning on October 18/19 this year, would boost demand for the yellow metal. However, gold’s rally based on this hope would be short-lived as data suggested that buying this year is markedly lower than the same period in 2016.

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Gold Recovery Likely Short-Lived as Indian Buying in Festival Weakens


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Kiwi Plunges Amidst Heightening Uncertainty of a New Government

Posted October 19th, 2017 by ArcherLondon3 and filed in General News
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***Breaking: NZ First enters coalition with Labour*** We are anxiously awaiting NZ First’s announcement on what party(ies) he would work with in forming the new New Zealand government. NZDUSD has accelerated the selloff on rising political uncertainty at home. NZ First’s head Winston Peters has yet to make the final decision. NZ First has noted that he would make an announcement “shortly” but we have no idea on the exact time.

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Kiwi Plunges Amidst Heightening Uncertainty of a New Government



Oil Prices Hover Around 3-Week High; USD Firmed as Odds of Taylor as Next Fed Chair Climb

Posted October 18th, 2017 by CarrolBucklin and filed in General News
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Tensions between Iraq and the semi-autonomous Kurdish region abated temporarily as the former reportedly took back control of all disputed oil fields. Crude oil prices were in consolidative mode, hovering about the highest levels in 3 weeks.

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Oil Prices Hover Around 3-Week High; USD Firmed as Odds of Taylor as Next Fed Chair Climb



WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil

Posted October 17th, 2017 by CodyF97653577651 and filed in General News
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Crude oil rallied to fresh three-week highs on intensified geopolitical tensions in the Middle East, and between the US and Iran. The front-month WTI crude oil contract fained +0.82% to settle at 51.87 while the Brent contract jumped +1.14% to close at 57.82. it is reported that Kurdistan has shut about 0.35M bpd of production from the major Bai Hassan and Avan oilfields as Iraq sent troops to seize Kirkuk, a key city in the Kurdish region.

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WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil



Renewed Geopolitical Tensions Lift Oil Prices

Posted October 16th, 2017 by chelsea76e and filed in General News
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Oil prices remained firm on Monday, after strengthening to highest in 3 weeks last Friday. Currently trading at 51.9, the front-month WTI crude oil contract gained +1.68% last week. The Brent contract, hovering about 57.8 at the time of writing this report, was up +1.64% last week. Geopolitical tensions have heightened concerns over Middle East exports.

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Renewed Geopolitical Tensions Lift Oil Prices



IEA Indicates Oil Balance Outlook Depends on OPEC Production

Posted October 13th, 2017 by MarcellaMcBurney and filed in General News
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Crude oil prices retreated for the first time in 4 days as trader took profit. The losses were contained by a report showing US inventory decline last week. The front-month WTI crude oil contract dropped -1.36% while the Brent contract was down -1.21%. Refined oil products also fell with the heating oil contract and RBOB gasoline contract losing -1.15% and -1.62% respectively.

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IEA Indicates Oil Balance Outlook Depends on OPEC Production



OPEC Projects Higher Demand Next Year

Posted October 12th, 2017 by QASRoma29032 and filed in General News
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Oil prices continued to rise despite surprising increase in US inventory. The market was buoyed by OPEC’s upgrade of the demand outlook. The front-month WTI crude oil contract gained +0.75% while the Brent contract was up +0.58%. Prices of refined oil products also rose with the heating oil and the RBOB gasoline contract rising +1.2% and +1.11% respectively. Precious metals slipped with the benchmark Comex gold contract losing -0.37% and the silver contract down -0.43% for the day.

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OPEC Projects Higher Demand Next Year



Saudi’s Exports Cut Merely A Trick

Posted October 11th, 2017 by WaldoBass9 and filed in General News
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In the commodity sector, crude oil expended gains for a second consecutive day. The front-month WTI crude oil contract settled above US 50/bbl again, gaining +2.7%. The Brent crude contract added +1.47%. The market was thrilled by the new reports that Saudi Arabia has cut November export allocations by 560K bpd and OPEC is persuading some independent US oil producers and hedge funds to join balancing demand/supply.

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Saudi’s Exports Cut Merely A Trick



Crude Oil Prices Gain for Second Day; Sterling Firms on Strong Production Data

Posted October 10th, 2017 by ClaudiaFaust and filed in General News
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Crude oil prices recovered for a second consecutive day on Tuesday, as buoyed by comments from OPEC officials that the output cut deal could be extended until end-2018. OPEC Secretary-General Mohammad Barkindo suggested over the weekend that consultations were under way for an extension of the agreement beyond March 2018. He added that more oil producers may join the pact at next month’s meeting. Indeed, the cartel is keen on using verbal tricks to monitor oil prices. We doubt if the OPEC members who have been exempted from previous cuts (e.g. Iran, Libya and Nigeria) would join this time.

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Crude Oil Prices Gain for Second Day; Sterling Firms on Strong Production Data



Oil Traders Expect Producers to Control Supply; FOMC Minutes, US CPI and Retail Sales in Focus

Posted October 9th, 2017 by JamisonRolfe and filed in General News
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Crude oil prices recovered mildly after falling last week. Traders tend to believe that the OPEC/non-OPEC producers would strive to rebalance the market. As suggested by OPEC Secretary-General Mohammad Barkindo on Sunday, “there is a growing consensus that, number one, the re- balancing process is underway… Number two, to sustain this into next year,…

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Oil Traders Expect Producers to Control Supply; FOMC Minutes, US CPI and Retail Sales in Focus