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Oil up after 4-day loss; bets for drop in US stockpiles NEW YORK: Oil turned higher on Tuesday, recovering from near six-month lows, 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."We're getting a bounce of sorts but I'll be selling into any strength I see," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Holllow, New York. Brent was up 10 cents, or 0.2 percent, at $53.57 a barrel by 11:56 a.m. EDT (1556 GMT), after hitting $52.28, the lowest since early February, on earlier concerns about the stock market plunge in China. US crude was up 70 cents, or 1.5 percent, at ...

Oil contractor Saipem slashes guidance and jobs in turnaround effort MILAN: Italian oil contractor Saipem slashed its guidance for the year on Tuesday as it booked writedowns of 929 million euros ($1 billion) and introduced a restructuring plan that foresees 8,800 job cuts. Saipem, which is 43 percent owned by oil major Eni, said in a statement it expected to post a net loss this year of around 800 million euros and an operating loss (EBIT) of around 450 million euros. Previous guidance had pegged ...

Oil prices fall further LONDON: Global oil prices fell further Tuesday on stubborn concerns over high supplies and slowing Chinese demand.US benchmark West Texas Intermediate for delivery in September dropped 27 cents to $47.12 a barrel compared with Monday's close.Brent North Sea crude for September delivery shed 71 cents to stand at $52.76 a barrel in London midday deals.Crude futures had slid for a fourth straight session on Monday as the steepest drop in Chinese equities since 2007 fuelled ...

Statoil CEO sees oil at $80 by 2018 OSLO: Statoil's Chief Executive said on Tuesday he saw crude oil prices climbing to $80 a barrel by 2018 and repeated the price levels at which the company would have the necessary cashflow to pay out future dividends."We think there will be some time before we will see a balanced market. But we have also been clear about our expectation for the oil price to rise again and we have indicated around $80 before 2018," ...

China stocks rout stings world equities, commodities NEW YORK: The biggest rout in Chinese shares in eight years stoked concerns on Monday over slowing growth in the world's No. 2 economy, knocking down global equities and the prices of key commodities. The dollar eased on safety bidding for other major currencies. The euro topped $1.11 for the first time in two weeks, boosted further by strong German business sentiment data. Wall Street was down on worries over China's slowing growth, crystallized by ...

Oil hits 4-month low on China stock market dive, supply concern NEW YORK: Crude oil futures hit four-month lows on Monday after a steep drop in China's stock markets sparked concern about the economic health of the world's biggest energy consumer, while evidence of a growing crude glut mounted. Oil was also pressured by a sharp increase in US drilling activity with data on Friday showing producers added 21 rigs last week, the most in over a year, suggesting a ramp up in output as crude ...

Oil prices drop on Chinese woes LONDON: World oil prices slid on Monday to around four-month lows, hurt by poorly received economic data from China, the world's top energy consuming nation, traders said.A strong dollar and signs of increasing US oil production added further pressure to prices, which have already been depressed by a global oversupply of crude.US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to $47.51 a barrel, pulling back from a near four-month low of ...


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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