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Brent crude oil reversed losses jumping back above $108 a barrel on Friday, as fighting in Ukraine and deteriorating relations between Russia and the United States ignited new fears of supply disruptions in the market. A Russian security official was quoted as saying that up to 40 shells fired by Ukrainian forces fell on Friday on the Russian province of Rostov, near the border with eastern Ukraine where Kiev is fighting pro-Russian separatists.

Canada's SNC-Lavalin and China Nuclear Power Engineering Company announced a deal Friday to build two nuclear reactors in Romania. The Candu reactors will be built at the Cernavoda Nuclear Power Plant in Romania, which already houses two of the Canadian-designed power plants that produce nearly 20 percent of Romania's electricity supply, according to a statement.
Oil futures prices fell on Thursday, as unseasonably weak demand and plentiful supplies of crude and refined products offset strong Chinese factory data that could boost energy demand in the world's No 2 oil consumer. China's factory activity in July posted its fastest expansion in 18 months as new orders surged, a preliminary HSBC survey showed.
Iraqi oil exports dipped in June, the oil ministry said on Thursday, as violence hindered output from its northern fields. Islamic State (IS) insurgents took control of large parts of Iraq's north and west in a sweeping offensive that began on June 9, preventing Baghdad from exporting oil via a pipeline to Turkey and by road to Jordan.
Oil futures rose on Wednesday, with US crude outpacing Brent, after oil stockpiles in the United States fell more than expected. The US Energy Information Administration said US crude stocks fell by 4 million barrels last week, while gasoline and distillate stocks rose. Crude oil inventories at Cushing, Oklahoma, the delivery point of the US crude contract, fell by 1.45 million barrels, the EIA said.
The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling. First outlined by the Bureau of Ocean Energy Management in February, the plan lays out the mitigation measures companies would be required to undertake before conducting seismic testing to gauge the oil reserves in the Atlantic Ocean.
After months of tough negotiations, the European Commission will recommend a new energy savings target of 30 percent on Wednesday as part of plans to combat global warming, an EU source said. The source, who asked not to be named, said the 2030 programme figure would be announced at a press conference by EU Energy Commissioner Guenther Oettinger due at 1215 GMT. The press conference was due originally at 1015 GMT but was delayed as negotiations continued, an EU official said.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln