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Oil prices closed down 1 percent on Thursday, resuming their downtrend after a two-day climb, as the dollar rallied on bets of a sooner-than-expected US rate hike and traders placed little hope on OPEC cutting output at its November meeting. Both benchmark Brent and US crude gained about 1 percent a day earlier as US crude stockpiles rose less than expected last week, ending two weeks of builds that pressured the market.

French oil company Total's new chief will visit oil-rich countries to cement links with their leaders after the sudden death of his predecessor and will go ahead with cost cuts after falling oil prices squeezed third-quarter profits. Europe's second-largest oil company elevated former refining head Patrick Pouyanne to the top post following the death this month of its charismatic chief executive Christophe de Margerie in a plane crash in Russia.
Royal Dutch Shell posted mixed third-quarter earnings on Thursday, as it weathered sliding oil prices but was buoyed by improved capital efficiency and strong project delivery. The Anglo-Dutch energy major also announced the appointment of Charles Holliday as chairman. Holliday, who previously held the same role at Bank of America, will take over from Jorma Ollila next year.
China's top offshore oil and gas explorer CNOOC Ltd posted on Wednesday lower revenue for the third quarter on weaker crude prices and flat production growth due to a slight dip in overseas output. Revenue fell 4.6 percent year on year to 53.6 billion yuan ($8.77 billion) as its average oil sale prices fell 6.8 percent to $98.98 per barrel, it said in a statement. The company does not publish quarterly earnings.
Russian energy giant Rosneft on Wednesday announced its third-quarter profits crashed as it operates under Western sanctions over the Ukraine crisis and the ruble plunges. Net profit fell by 99.3 percent to 18.3 million euros ($23.4 million). The fall in profits year-on-year from 143 billion rubles to one billion (18.3 million euros) came after Rosneft asked the Russian government for massive financial support to help it survive US and EU sanctions imposed this summer.
Argentine lawmakers approved a hydrocarbon law Thursday to attract further investment in its energy sector by offering longer concessions and limiting revenues for its oil rich provinces. The law grants 25-year concessions for conventional gas exploration, 30 years for offshore resources and 35 years for shale oil and gas, all of which can be extended for up to 10 years. Argentina is seeking to boost investments in its energy sector, including in its Vaca Muerta shale formation, to reduce reliance on costly energy imports and increase foreign currency reserves.
Oil prices closed higher on Wednesday for a second day in a row after data showed US crude stockpiles rose less than expected last week, ending two weeks of builds that pressured the market. Prices remained up even as the dollar rallied in the afternoon to a Federal Reserve statement that suggested to some that the central bank's confidence in US labour market recovery could result in an earlier-than-expected rate hike.


Index Closing Chg%
Arrow DJIA 17,195.42 1.30
Arrow Nasdaq 4,566.14 0.37
Arrow S&P 1,994.65 0.62
Arrow FTSE 6,463.55 0.15
Arrow DAX 9,114.84 0.35
Arrow CAC-40 4,141.24 0.74
Arrow Nikkei 15,658.00 1.67
Arrow H.Seng 23,702.04 1.49
Arrow Sensex 27,346.33 0.92

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln