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Brent crude steadies above $65 as US rig count offsets strong dollar LONDON: Brent crude reversed early losses to steady above $65 on Monday as signs that US shale output may have started to decline offset the effects of a strong dollar. The number of active US rigs drilling for oil has fallen for a record 20 weeks in a row to its lowest since 2010, according to data from oil services company Baker Hughes, fuelling expectations of a drop in US production. "We believe that the increase in US oil production will slow and that it could also decline in the short term," Germany's Commerzbank said in a note on Monday. Brent edged up 6 cents to $65.34 a barrel by 1328 GMT, having touched a low of $64.60 on dollar strength earlier in the session. US crude, called WTI, was up 37 cents at $57.52 a barrel, having slipped to $56.71 earlier. The dollar was trading 0.1 percent higher against ...

Russia's Gazprom Neft says no plans to ask for aid from rainy-day state fund ST PETERSBURG: Gazprom Neft, the oil arm of Russia's top natural gas producer Gazprom, has no plans to ask for money from the National Wealth Fund, the company's head said on Monday.Alexander Dyukov told reporters in Russia's second city of St. Petersburg that Gazprom Neft had not and did not plan to ask for support from the National Wealth Fund. Last month, Dyukov said the company may apply to receive money to develop some upstream ...

China oil executive probed for graft: govt BEIJING: China is investigating a top executive at its largest oil refiner, the anti-corruption watchdog said Monday, as a prolonged graft crackdown targets more state-owned companies.Wang Tianpu, general manager of Sinopec, is being probed for "serious law and discipline violations", a common euphemism for corruption, the Communist Party's Central Commission for Discipline Inspection (CCDI) said in a one-line statement on its website.Wang is also a member of the company's board.The investigation comes ahead of the ...

Oil prices head south once more LONDON: Oil prices turned lower on Monday after gains last week, but losses were limited as fighting in Yemen fuelled fears about a supply disruption in the Middle East, analysts said. US benchmark West Texas Intermediate fell 33 cents to $56.82 a barrel compared with Friday's close as light profit-taking set in.Brent North Sea crude declined 35 cents to stand at $64.93 a barrel nearing midday in London. Oil prices will "continue to receive support ...

Oil prices trade near 2015 highs on Yemen worries LONDON: Brent crude looked set to finish the week near 2015 highs on Friday as air strikes in Yemen stoked concerns over the security of Middle East oil shipments. A softer US dollar and strong economic indicators in Europe and Asia also lent support to oil prices, which have surged by nearly $10 a barrel this month amid rising tension in the Middle East and slowing US production growth.Brent crude for June delivery was up ...

Oil surges as Saudi resumes Yemen strikes NEW YORK: Global oil prices advanced Thursday as the Saudi Arabia-led coalition renewed airstrikes in Yemen, stoking new supply concerns about the crude-rich Middle East.US benchmark West Texas Intermediate for June delivery gained $1.58 at $57.74 a barrel on the New York Mercantile Exchange.Brent North Sea crude for June delivery, the global benchmark, advanced $2.12 to $64.85 a barrel."The market may be drawing support from Saudi Arabia's resumption of airstrikes against Huthi rebels in Yemen, ...

Oil hits 2015 high on Yemen worry; US gasoline at Nov peaks NEW YORK: Crude oil prices settled up 3 percent on Thursday, hitting 2015 highs, while U.S. gasoline reached 5-month peaks after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies.Oil buyers also stoked the rally with bets that U.S. crude output will shrink further after two straight weeks of declines.The weak dollar also supported oil and other dollar-denominated commodities. The euro gained ...


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln