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Saudi Arabia gets physical with Russia in underground oil bout

Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. It is here, rather than in the world of futures prices, that a long-standing battle for market share carries on, particularly in Asia, shipping data analysed on Monday by Reuters shows. “Beyond the cooperative statements the fight is still going on,” a source at a trading firm told Reuters, adding that Saudi Arabia’s official selling prices (OSPs) signalled that the kingdom was targeting the Asian market, where demand remains relatively …read more […]

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Gold's rally will be tamed by dollar strength, weak physical market: Reuters poll

Spot gold has surged more than 10% this year, reaching an around 7-1/2 year high of $1,746.50 on April 14, as the coronavirus pandemic roiled global markets and central banks unleashed a wave of monetary stimulus. The poll of 37 analysts and traders conducted this month returned a median forecast for gold prices to average $1,639 an ounce in 2020 and $1,655 in 2021. …read more […]

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Billionaire Steven Cohen Snaps up These 2 Stocks as Markets Rebound

Are the dark clouds that have been looming over Wall Street finally dissipating? The recent rally in stocks has generated hope among some investors that this is in fact the case. Driven by strong results from Gilead’s clinical trial evaluating remdesivir, its COVID-19 treatment, as well as President Trump’s plan to reopen the economy, all three of the major U.S. stock indexes wrapped up last week of trading in the green. This marked the first back-to-back weekly gains in over two months.Having said that, one investing guru is wary amid the market’s modest recovery. In a recent note to his …read more […]