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Oil prices extend gains on hopes of easing oversupply NEW YORK: Global oil prices extended gains Tuesday, hitting one-month highs on hopes for an easing of the global oversupply of crude.US benchmark West Texas Intermediate for delivery in November jumped $2.27 to $48.53 a barrel on the New York Mercantile Exchange, its highest level since late August.Brent North Sea crude for delivery in November closed at $51.92 a barrel in London on a gain of $2.67.John Kilduff of Again Capital said that the US Department of Energy's latest short-term energy outlook report on Tuesday appeared to spark the rally."They see oil production down 120,000 barrels per day in September versus August, so that's a big drop," Kilduff said.For 2016, the DoE forecast US production would fall to an average of 8.9 million barrels per day, from 9.2 million in 2015. "It definitely caught the attention of the market," he said.Traders were awaiting the DoE weekly report on US commercial ...

OPEC chief sees oil market improving, low price will not persist LONDON: OPEC sees the oil market improving because of higher demand for the group's crude and a drop in supply growth from non-members, its secretary general said, the latest sign that OPEC believes its strategy of defending market share is working. Oil prices have almost halved in the last year on oversupply in a drop that deepened after the Organization of the Petroleum Exporting Countries in 2014 changed strategy to protect market share against higher-cost ...

Oil prices rally on reported Russian moves LONDON: Oil prices rallied on Monday amid reports that key producer Russia was willing to discuss the global supply glut situation that has been weighing on the market, analysts said.US benchmark West Texas Intermediate for delivery in November won $1.11 to $46.65 a barrel compared with Friday's close.Brent North Sea crude for November delivery jumped $1.38 to stand at $49.51 a barrel in late London deals.Crude futures were "supported by a softer US dollar and ...

Oil prices extend gains LONDON: Oil extended gains Monday as a slowdown in US production helped to offset a weak US jobs report, analysts said.US benchmark West Texas Intermediate for delivery in November climbed 44 cents to $45.98 a barrel.Brent North Sea crude for November delivery rose 54 cents to $48.67 a barrel.Data ahead of the weekend showed the number of active rigs in the United States fell to a five-year low of 614 last week, helping ease concerns ...

Exxon sells 2016 Upper Zakum crude at higher premium from yr ago SINGAPORE: ExxonMobil has sold 2016 supplies of Upper Zakum crude to at least one buyer via a tender at a slightly higher premium than a year ago, trade sources said on Monday. The producer has sold a 500,000-barrel cargo for each month next year to a Japanese trading company at 15-20 cents a barrel above its official selling price, they said. Last year, Exxon sold annual supplies of the grade at a premium of about ...

Russia energy Minister: discounted gas price for Ukraine in Q4 around $230 SOCHI: Russian Energy Minister Alexander Novak said on Saturday that the discounted price Ukraine would pay for Russian gas supplies in the fourth quarter would be around $230 per thousand cubic metres, plus or minus $2 or $3.Novak made the comments to journalists at an investment conference in the southern Russian city of Sochi.Copyright Reuters, 2015

Oil turns negative after weak US jobs data LONDON: Oil fell on Friday, reversing earlier gains after non-farm payrolls data came in weaker than expected which clouded the demand outlook from the world's largest oil consumer. US employers slowed hiring over the last two months and wages fell in September, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year. "The jobs data was lower than expected so it softens the ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln