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Global crude oil prices slumped anew on Thursday, a day after a short-covering rally, as traders placed fresh bets the market would resume a six-month rout on worries about a supply glut. Benchmark Brent and US crude tumbled $2 a barrel each in late trading after initially extending Wednesday's short-covering, which lifted oil prices by more than $3.

Saudi Arabia's powerful oil minister said on Thursday that Opec could not cut output without the support of other big producers and attempts to get them on board had not worked. Ali al-Naimi said it was impossible for Opec to cut alone to reverse the oil price slump - which he called temporary - when others were pumping more, saying that could lead to losing market share and with no guarantee of supporting prices.
World oil prices jumped as much as 6 percent on Wednesday before closing off their peaks as weeks of nearly non-stop selling abruptly halted, and traders said failure to break below key chart support levels meant a long rout may be running out.
Mozambique Wednesday published a law setting the framework for energy firms Anadarko and ENI's multi-billion dollar gas projects, as the country gears up to become a leading exporter of liquefied gas. The law sets legal, labour and fiscal terms for the Texas-based Anardako and Italy's ENI, which plan to build liquefaction plants worth $2 billion each in the offshore Rovuma Basin. It allows them to keep revenue in banks accounts outside the country and pay expatriate employees in foreign currency.
US natural gas futures lost 2.7 percent on Tuesday on weak crude oil prices and warmer weather forecasts for the next two weeks. Front-month gas futures on the New York Mercantile Exchange closed down 10 cents at $3.619 per million British thermal units. US crude oil prices for the front-month fell to a fresh five-year low of $53.60 per barrel earlier Tuesday before ending up 2 cents at $55.93.
US crude oil futures bounced off 5-1/2-year lows on Tuesday, and hovered around $55 a barrel in volatile trading near that price, with US options set to expire later in the day. Global benchmark Brent crude also pared losses after plumbing a July 2009 low below $59, but remained stuck below $60 a barrel as major oil producers said they were in no rush to cut production and curb a growing glut. Front-month January Brent expires later in the day.
German analyst and investor sentiment rose sharply in December for a second month running, as a decline in the euro and the price of oil boosted hopes for a pickup in Europe's largest economy after it barely dodged recession in the third quarter. Mannheim-based think tank ZEW's monthly survey of economic sentiment climbed to 34.9 in December from 11.5 in November to reach its highest level since April. It was the biggest monthly gain in nearly two years, easily beating a Reuters consensus forecast for a reading of 20.0.

 



 
Index Closing Chg%
Arrow DJIA 17,778.15 2.43
Arrow Nasdaq 4,748.40 2.24
Arrow S&P 2,061.23 2.40
Arrow FTSE 6,466.00 2.04
Arrow DAX 9,811.06 2.79
Arrow CAC-40 4,249.49 3.35
Arrow Nikkei 17,210.05 2.32
Arrow H.Seng 22,832.21 1.09
Arrow Sensex 27,126.57 1.56






ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln