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Oil up on pre-holiday short-covering but down for 4th week NEW YORK: Oil bounced higher on Friday as selling pressure from a six-month price rout eased for a second time this week on short-covering, helped by fresh buying in US crude before the expiry of the front-month contract. US West Texas Intermediate (WTI) crude futures traded above $55 a barrel while benchmark Brent hovered above the psychologically key $60 level, gaining over 2 percent in New York's morning trade. On a weekly basis though, Brent and US crude were headed for a fourth straight week of losses, due to earlier declines this week on long-running worries about a huge supply overhang in oil. Brent is down nearly 14 percent and WTI has shed nearly 16 percent in December, and both have lost roughly 50 percent since their June highs. "At least I'm not convinced that with Brent at $60 or WTI above $55, we've seen the bottom yet," said Tariq ...


Brent steady below $60, heads for 4th weekly decline as glut persists SINGAPORE: Brent crude held below $60 a barrel, near a 5-1/2-year low, on Friday as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year.Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production in response to a drop of nearly 50 percent in prices since late June. Brent crude for February delivery was down 3 ...

Middle East Crude: Fuji sells Feb Oman at steady discount SINGAPORE: The February differential for physical Oman remained at a wide discount after a Japanese refiner sold a cargo, traders said on Friday.Fuji Oil sold a cargo of February-loading Oman to Shell at a discount or between 60 and 70 cents a barrel to Dubai quotes in a tender, they said. The price levels were similar to purchases by Taiwanese refiner CPC a day earlier.Several cargoes of February-loading Basra Light have been sold to India ...

Indian shares gain for second day; IT stocks, Reliance lead MUMBAI: Indian shares rose for a second consecutive day on Friday, led by gains in IT stocks after global rival Accenture Plc raised its revenue forecast while Reliance Industries rose on bets it will roll out its telecom services in the next few months. Gains also tracked Asian shares that enjoyed their best day in 15 months after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in ...

Oil rallies to $60, heads for 4th weekly fall on glut LONDON: Brent crude oil rose to around $60 a barrel on Friday, rallying from near a 5-1/2-year low as investors squared books ahead of the year-end festive break after six months of falling prices. Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production despite a huge global overhang of supply. Brent and the US crude oil benchmark have almost halved in value since ...

Indonesia to set domestic fuel subsidy at fixed rate per litre JAKARTA: Indonesia will set domestic fuel subsidy at a fixed rate per litre from Jan. 1, the chief economics minister said on Friday. The change will make domestic fuel prices float according to market price, but the government's budget for fuel subsidies will be manageable, Sofjan Djalil, the chief economics minister, told Reuters. "We're going to have another policy on oil price introduced before the end of the year, we're going to introduce fixed subsidy ...

Oil price bloodbath to spark energy sector buying spree LONDON: Large oil companies flush with cash are expected to seize on the recent collapse in oil prices to begin a shopping spree for smaller rivals, focusing on oil producers and explorers in Africa, Asia and the United States. With benchmark Brent crude prices nearly halving over the past six months to $60 a barrel, energy companies have also seen their share prices tumble and are already adjusting the value of their assets and cutting ...


 



 
IndexClosingChg%
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln