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Brent falls towards $57 as demand concerns outweigh supply disruptions SINGAPORE: Brent crude prices dropped towards $57 a barrel on Wednesday as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya.China's factory sector shrank for the first time in seven months in December, with the final HSBC/Markit Purchasing Managers' Index (PMI) for this month coming in at 49.6.The final reading was higher than a preliminary reading of 49.5, but down from the final 50.0 in November. The 50.0 mark separates growth from contraction."Clearly, demand concerns are one of the issues for the oil market," said Michael McCarthy, chief market strategist at CMC Markets.China is the world's second largest oil consumer and any contraction in its factory sector can have a big impact on demand.Brent for February delivery was down 79 cents at $57.11 as of 0728 GMT, after earlier dropping as low as $56.87.U.S. crude for February delivery was down 61 cents at $53.51.In the previous session, ...


Oil falls below $57, heads for biggest annual drop since 2008 LONDON: Oil dropped below $57 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output.Global benchmark Brent crude has fallen 49 percent in 2014 as demand growth slowed, the United States expanded output and OPEC, dropping its strategy of trimming supply to keep oil around $100 a barrel, chose instead to ...

UK gas prompt prices slip as milder weather dents demand LONDON: Prompt natural gas prices in Britain fell on Wednesday as milder weather curbed consumption and supply outpaced demand.UK gas for day-ahead delivery was 0.60 pence lower at 49.00 pence per therm at 0951 GMT, while gas for within-day delivery fell 1.15 pence to 48.95 pence per therm.With supply flows at about 279.2 million cubic metres (mcm) per day on Wednesday and demand expected to be about 273.6 mcm, the system was 5.6 mcm oversupplied, ...

Oil falls towards $56, heads for biggest annual drop since 2008 LONDON: Oil dropped towards $56 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output.Global benchmark Brent crude has fallen 49 percent in 2014 as demand growth slowed, the United States expanded output and OPEC, dropping its strategy of trimming supply to keep oil around $100 a barrel, chose instead to ...

Indonesia to scrap gasoline subsidy from Jan 1 and float prices JAKARTA: Indonesia will ditch gasoline subsidies and link the retail prices to international oil markets from Jan. 1, the chief economics minister said on Wednesday, in one of the biggest reforms to the country's energy subsidies in decades.From midnight tonight, the government will stop subsidising gasoline prices altogether and set the price of gasoline according to global oil markets. "Prices will be evaluated every month," said coordinating Economic Minister Sofyan Djalil, adding that since world ...

Oil prices down in thin pre-holiday trade SINGAPORE: Crude edged lower in thin pre-holiday trade Wednesday ahead of the release of a key US supply report, as analysts predicted a rebound in prices in the new year after shedding nearly 50 percent since June. US benchmark West Texas Intermediate for February delivery fell 38 cents to $53.74 while Brent crude for February eased 49 cents to $57.41 in mid-morning trade. Trading volumes were thin with many dealers away ahead of the New ...

OPEC oil output hits six-month low in December on Libya LONDON: OPEC's oil supply fell by 270,000 barrels per day (bpd) in December to a six-month low as fighting cut Libyan output, offsetting record Iraqi southern exports and stable Saudi Arabian production, a Reuters survey found.The survey indicates Libyan turmoil is effectively lowering output by the Organization of the Petroleum Exporting Countries, even after oil ministers decided at a meeting in Vienna last month against a formal reduction to defend market share."OPEC in Vienna did ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln