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Oil prices turn lower in Asian trade SINGAPORE: Oil prices turned lower in Asia Thursday as investors took a breather from gains that came after the United States reported a large decline in its crude inventories, indicating strong demand.US benchmark West Texas Intermediate for delivery in September was down 24 cents at $102.88 a barrel in afternoon trade and Brent crude tumbled 13 cents to $109.90.Despite the dip, analysts said prices are likely to remain high because of data showing strong demand in the United States, the world's biggest oil consuming nation.The US Energy Information Administration said inventories fell four million barrels in the week ending July 18, the fourth weekly decline in a row and far bigger than the 2.5 million-barrel drop forecast by analysts.The report also showed stocks at Cushing, Oklahoma, the biggest oil storage hub in the US, dropped 1.5 million barrels.A fall in the inventories is typically a sign of stronger demand and ...


Brent steady above $108, supported by China factory activity SINGAPORE: Brent crude was steady above $108 a barrel on Thursday, holding on to the previous day's gains, after a surprisingly strong reading on Chinese manufacturing bolstered hopes for higher demand in the world's second-biggest oil consumer. China's factory sector expanded at its fastest pace in 18 months in July, as a raft of government stimulus measures kicked in, a preliminary HSBC survey showed on Thursday. "China is a big commodities player, and this is ...

US oil to retrace to $102 SINGAPORE: US September oil is expected to break support at $102.66 and retrace further to $102 per barrel, as indicated by a Fibonacci retracement analysis and a rising channel.The support is provided by the 50 percent Fibonacci retracement on the fall from the June 25 high of $106.64 to the July 15 low of $98.68. Oil seems to have been bouncing up and down within the rising channel from July 17, the lower channel line ...

Brent to retrace to $107.06 SINGAPORE: Brent oil may retrace to a support at $107.06 per barrel, as its correction from the July 18 high of $108.62 seems to be incomplete.The correction will consist of three waves, with the second wave labelled b having extended. The third wave, the wave c, may travel to $107.06, the 23.6 percent Fibonacci retracement on the fall from the June 19 high of $115.71 to the July 15 low of $104.39.Resistance is at $108.71, ...

Asia shares supported by upbeat China factory survey SYDNEY: Asian stock markets edged broadly higher on Thursday and the Australian dollar jumped after a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world's second-biggest economy. The HSBC flash PMI came in at 52.0 for July, well above forecasts of a small rise to 51 in July and the highest reading in 18 months. There was also good news on the outlook, with a sub-index of new orders reaching 53.7. ...

China end-June crude stocks down 2.3pc on month BEIJING: China's commercial crude oil inventories at the end of June fell 2.3 percent from the previous month, while refined fuel stocks rose 0.51 percent from end-May, the official Xinhua news agency said on Thursday. Xinhua did not provide the outright inventory volumes. The government rarely discloses levels of either commercial or strategic oil stocks, making it difficult to gauge real demand in the world's second-largest oil consumer.Copyright Reuters, 2014

Oil prices up in Asian trade SINGAPORE: Oil prices rose in Asia Thursday after the United States reported a large decline in its crude inventories, indicating strong demand in the world's biggest economy.US benchmark West Texas Intermediate for delivery in September was up two cents at $103.14 a barrel in mid-morning trade, while Brent crude climbed eight cents to $108.11.The US Energy Information Administration said inventories fell four million barrels in the week ending July 18.That marked the fourth weekly decline ...


 



 
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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
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln