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US crude oil tumbled more than $2 on Thursday, going below $98 a barrel, hitting the lowest level since March on news of a potentially lengthy shutdown at a Kansas oil refinery, while Brent also slipped amid signs of robust Opec oil production. CVR Refining said its 115,000-barrel-per-day refinery in Coffeyville, Kansas might be shut for as long as four weeks after a fire in a gasoline-related unit on Tuesday. The refinery is a major consumer of benchmark West Texas Intermediate (WTI) crude.

The European Court of Human Rights on Thursday ordered Russia to pay former shareholders in defunct oil giant Yukos almost 1.9 billion euros ($2.5 billion), the largest-ever award by the court. The ruling comes just days after an international arbitration court in The Hague made a similar order for a record $50 billion (37 billion euros) in compensation over Russia''s seizure of the company once owned by Kremlin critic Mikhail Khodorkovsky.
Brent crude oil slipped on Monday as forecasts for ample supplies in the Atlantic basin and weak demand in Europe and Asia mitigated fears of escalating tension in Ukraine and the Middle East. Oil prices on both sides of the Atlantic were down in early afternoon trading as reports emerged that North Sea and West African physical crude markets were oversupplied, with sellers discounting heavily to attract buyers such as refiners.
An international court ordered Russia on Monday to pay Yukos shareholders record $50 billion compensation over its seizure of the defunct oil giant, a new blow for Moscow on top of sanctions over the Ukraine crisis. Russia swiftly vowed to contest the ruling by the arbitration court in The Hague, saying it had no jurisdiction over the fate of the company once owned by jailed Kremlin critic and ex-tycoon Mikhail Khodorkovsky.
Colombia is unlikely to meet its oil output target this year, but is on track to produce more than 1 million barrels a day as the government adopts "shock measures" to improve security, and boost reserves by attracting foreign investment, Energy Minister Amylkar Acosta said on Wednesday. The daily oil production target this year is set at an average of 1.04 million barrels, which will be not revised downward, even if difficult to meet, Acosta told Reuters.
European carbon prices rose to their highest in more than four months on Monday as energy prices climbed and buyers stocked up amid tighter supplies of permits and on expectations of lower auction volumes ahead. The front-year EU Allowance futures rose to as high as 6.29 euros ($8.45) per tonne, the highest since March 17 and up 14 cents or 2.3 percent on Friday's settlement price.
Big speculators closed out nearly $6 billion worth of bullish bets in US crude oil markets in the week to July 15, according to regulatory data released on Friday that confirmed the biggest four-week fund exodus on record. Money managers slashed their net long US crude futures and options positions on New York and London exchanges by 56,323 contracts to 294,735 during the period. That one-week decline, equivalent to 56 million barrels of oil, was the second-largest since the Commodity Futures Trading Commission (CFTC) began reporting the data in 2009.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
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Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln