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Oil settled higher on Wednesday, recovering from multi-month lows, after US government data showed a surprisingly large crude stockpile draw that signalled the market may have been wrong in predicting slumping demand for energy. Crude futures lost more than $10 a barrel over the past month on fear that peak summer demand for gasoline in the United States was not enough to offset a growing global glut in oil supply. A resurgent dollar weighing on commodities and a stock market tumble in No 1 energy consumer China contributed to the decline.

Kuwait has called on Saudi Arabia to resume production at a disputed border oil field, saying its neighbour will be held responsible for revenue losses, reports said Tuesday. Kuwaiti Oil Minister Ali al-Omair told his Saudi counterpart Ali al-Naimi in a letter that the Saudi decision to halt production at Khafji violated a 50-year-old agreement.
US natural gas futures gained 1 percent as options expire on Tuesday amid a Northeast heat wave this week and continued strong power sector air conditioning demand across the rest of the country. On its second to last day as the front-month, August gas futures on the New York Mercantile Exchange closed up 3.2 cents at $2.821 per million British thermal units.
- Oil prices steadied on Tuesday, recovering from near six-month lows, with US crude rising more than 1 percent as bets for a drop in US crude stockpiles offset worries about a global supply glut and equity market meltdown in China. The market also saw short-covering after a four-day selloff that wiped between 6 and 7 percent off crude futures, traders said. Some remained convinced, however, that oil had more to lose, and that a bottom for the market was still far off.
Cash Dubai and DME Oman hit the highest levels this month on Wednesday in the Middle East crude market even as physical trade slowed. Cash Dubai and DME Oman both rose to about $1 above Dubai swaps. There were only four Dubai partials deals on window between Unipec, Mercuria and Gunvor on the buy side, and only Chinaoil sold, traders said.
The United Arab Emirates will hike the retail price of petrol by 24 percent but prices will still be low by international standards, a government committee announced on Tuesday. From Saturday, the price per litre of gasoline at the pump will be 2.14 dirhams (58 US cents/53 euro cents). However, diesel prices will be cut by 29 percent to 2.05 dirhams. The committee said the prices will be adjusted each month.
Norway's Statoil posted higher than expected second-quarter profit, helped by its refining and North Sea oil businesses, and maintained its quarterly dividend at the same level, despite weak oil prices. Shares in the state-controlled oil major rose as much as 4.2 percent on Tuesday after it bounced back from a surprise first-quarter net loss. It trimmed its capital expenditure target for this year, but kept other forecasts.


Index Closing Chg%
Arrow DJIA 17,751.39 0.69
Arrow Nasdaq 5,111.73 0.44
Arrow S&P 2,108.57 0.73
Arrow FTSE 6,631.00 1.16
Arrow DAX 11,211.85 0.34
Arrow CAC-40 5,017.44 0.81
Arrow Nikkei 20,302.91 0.13
Arrow H.Seng 24,619.45 0.47
Arrow Sensex 27,563.43 0.38

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln