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Oil rose in volatile trade on Thursday but analysts said the gains may not hold in the face of a strong dollar and the US commitment to forge a nuclear deal with Iran. Concerns about deteriorating oil supplies from Libya and Iraq boosted crude prices even before the New York session.

Energy-rich Kazakhstan on Thursday suspended Russian fuel and gas imports to protect its domestic market from a surplus due to a weakened ruble which has sent ripples of economic uncertainty through Central Asia. The energy ministry confirmed the ban, expected to last 45 days, had gone into effect after it was announced Monday by deputy minister Magzum Mirzagaliyev.
Billions of dollars are pouring into oil exchange-traded funds as investors, many of them small savers more familiar with stocks than commodities, risk big losses and focus on the chance of huge rewards. Five of the biggest oil ETFs have seen their assets more than quadruple since July to $5.4 billion as the oil market has had a roller-coaster ride, collapsing by 60 percent then rallying by almost a third.
Russia's state-controlled energy giant Rosneft said Wednesday its annual net profit for 2014 was down by nearly 10 percent after Russia's economy took a battering from plunging oil prices and Western sanctions over Ukraine.
US oil futures rebounded on Wednesday and benchmark Brent pared losses as Opec member Iran reinforced its opposition to a nuclear deal with timelines, helping the market recover from an earlier price slide tied to big US crude supplies. Comments from Saudi Arabia's oil minister that supply and demand for oil in the global market should stabilise soon and that prices ought to stabilise from the selloff of recent months also helped put a floor beneath Wednesday's trading, dealers said.
Oil rebounded on Tuesday as Israeli Prime Minister Benjamin Netanyahu warned the Obama administration against accepting a weak nuclear deal with Iran, and rival Libyan forces targeted oil terminals in the African nation. Higher prices imposed by Saudi Arabia for its crude buyers in Asia, the United States and north-west Europe were another positive development, traders said, although some had expected benchmark Brent and US oil futures to rally even more on that.
Electrical equipment giant Schneider has set up a fund to finance projects aimed at boosting access to energy in sub-Saharan Africa, the French group said Monday. Some "625 million inhabitants of sub-Saharan Africa do not have access to electricity," Schneider said in a statement announcing the 54.5 million euro ($61 million) Energy Access Ventures Fund.

 



 
Index Closing Chg%
Arrow DJIA 18,135.72 0.21
Arrow Nasdaq 4,982.81 0.32
Arrow S&P 2,101.04 0.12
Arrow FTSE 6,961.14 0.6
Arrow DAX 11,504.01 1.00
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Arrow Sensex 29,448.95 0.23







ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln