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2015-04-29

NYMEX -U.S. crude holds near 2015-high as stockpiles grow less than expected

NYMEX-U.S. crude holds near 2015-high as stockpiles grow less than expected

SEOUL, April 30 (Reuters) - U.S. crude futures held around $58.50 a barrel on Thursday, near their highest this year as U.S. crude stockpiles grew less than expected after the first decline since November in stocks at the main U.S. delivery hub. FUNDAMENTALS * U.S. crude futures CLc1 had edged down 15 cents to $58.43 a barrel by 0013 GMT. They closed up $1.52 at $58.58 a barrel on Wednesday, after hitting a 2015-high of $59.33.

IRS Admits to $10Billion Dollar Mistake - Illegal Activity Inside The Agency

From Forbes:

The Treasury Inspector General for Tax Administration is an official Treasury Department watchdog that reports on the IRS. In the last few years, that is a big job. There has been no shortage of scandals, from targeting to lavish spending, to bonuses, and more. This time, the Inspector General has issued a new report revealing some big errors involving tax credits. The report reveals that the IRS doled out $3 billion in erroneous business tax credits to corporations that did not qualify. The tax credits are for business taxpayers, and covered such varied activities as providing childcare for their employees’ children. In 2013, corporations claimed more than $93 billion worth of tax credits, the report reveals. But it turns out many of those credits were wrong. In over 3,000 electronically filed corporate tax returns, there were potentially erroneous credits.

Oil dips as oversupply outweighs Saudi royal reshuffle


(Reuters) - Oil prices dipped on Wednesday as oversupply outweighed political uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco. In a surprise move, Saudi King Salman bin Abdulaziz on Wednesday sacked his younger half brother as crown prince and appointed his nephew, Deputy Crown Prince Mohammed bin Nayef, as the new heir apparent, state television said.


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Gold up 1 percent on soft dollar after weak U.S. data


NEW YORK/LONDON, April 28 (Reuters) - Gold rose 1 percent on Tuesday after disappointing U.S. data hit the dollar and dampened expectations that the Federal Reserve will hint at this week's policy meeting at an interest rate hike in coming months. Spot gold climbed 1.1 percent to a three-week high of $1,215 after the data showed U.S. consumer confidence dropped in April to its lowest since December. It was up 0.9 percent at $1,212.13 an ounce at 2:42 p.m. EDT (1842 GMT) after a 2 percent rise on Monday, while U.S. gold futures for June delivery settled up $10.70 an ounce at $1,213.90.

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