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Yahoo BusinessAug 09, 2020
Saudi Arabia Turns Off America's Oil Taps Again
(Bloomberg Opinion) --  For the second time in three years, Saudi Arabia is slashing the volume of crude it's sending to America in an attempt to force down stockpiles in the world's most visible oil market and thereby hasten the rebalancing of supply and demand.Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period up to the previous Friday — is routinely pored over by oil analysts and traders alike. Despite their shortcomings, the figures give the most up-to-date picture of changes in the oil balance and influence trading decisions and crude prices around the world.Shifts in the flow of crude into and out of American ports can have a big impact on the level of U.S. inventories. Riyadh has clearly decided it's time to do its bit to bring them down from heights reached in May and June, when the coronavirus pandemic and the kingdom's own output hike combined to drive the fastest ever surge in U.S. commercial crude stockpiles. In the five weeks between March 20 and April 24, the inventories increased at a rate of 2.1 million barrels a day and by the first week of June it was hitting new highs.Excess stockpiles act as a drag on oil prices and the most visible stockpiles are in the U.S. because the Department of Energy's Energy Information Administration reports levels weekly. That's in stark contrast to other places around the world where the data are much less timely, if they are published at all. China, for example, stopped divulging official data on inventory levels in 2017.It's no wonder then that

Yahoo BusinessAug 07, 2020
Gold Falls After Positive Jobs Data, London Fix Sparks Selloff
(Bloomberg) -- Gold fell from a record as better-than-expected U.S. jobs data signaled the economic rebound is still making headway. Selling was also exacerbated as traders fixed the London gold price lower and the dollar curbed the metal's haven appeal.Payrolls rose by 1.76 million in July, beating estimates for a 1.48 million gain, according to data Friday, while the unemployment rate fell more than expected. Prices also weakened as the LBMA gold price was set about $14 lower in the afternoon auction, according to Tai Wong, head of metals derivatives trading at BMO Capital Markets. The dollar headed for its first gain in four sessions amid a deepening rift between Washington and Beijing."Precious metals are taking a breather as the U.S. dollar and interest rates marginally recover in the aftermath of the stronger-than-expected jobs report," TD Securities strategists including Bart Melek said in an emailed note Friday.Traders set the LBMA gold price at $2,031.15 an ounce in the afternoon auction. The volume of selling outstripped buying by about 90,000 ounces, BMO's Wong said. The London fix is used to settle contracts between LBMA members and serves as a benchmark by miners, banks and jewelers around the world to trade and value metal.Bullion fell as much as 2.3%, the most since June, but it's still up more than 33% this year, putting it on track for the biggest annual gain in over four decades. It's also poised for the longest stretch of weekly gains since 2006 as the health crisis, negative real rates and
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