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Middle East crude weak; Oman stays in discount SINGAPORE: The Middle East crude market remained weak on Tuesday with DME Oman's differential to Dubai swaps staying in discount for a second straight session amid plentiful supply.A supply overhang in the Atlantic Basin has weighed on Brent and widened the arbitrage window for excess cargoes to head to Asia, weighing on the east's demand outlook ahead of trade for October-loading barrels.Brent's premium to Dubai recovered from the lowest in nearly four years as excess supply in the Atlantic Basin is slowly clearing. The EFS for September was at $1.66, up 44 cents from Monday's close, while October EFS edged up 29 cents to $2.25.Reflecting this trend, Taiwanese refiner Formosa Petrochemical has bought a rare cargo of Angolan crude via a tender, trade sources said.Formosa bought 950,000 barrels of Girassol from a Chinese trader which will be delivered on Oct. 1-20, they said. The price was not immediately known.Traders are ...


Oil steady above $105 on geopolitical tension LONDON: Brent crude oil steadied above $105 a barrel on Tuesday as tensions in the Middle East and North Africa balanced ample supply in the Atlantic basin. "The market is stable because of a combination of two things. On the one hand you see geopolitical tensions but on the other hand you see maintenance from refineries and enough supply," said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam. Brent crude was down ...

Oil prices up on reviving Middle East supply fears SINGAPORE: Oil prices rose in Asia Tuesday on fresh fears of supply disruptions in the Middle East, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery rose 10 cents to $98.39, while Brent crude for September gained 15 cents to $105.56 in afternoon trade. "We haven't seen signs so far that the ongoing conflicts in the Middle East could cause disruptions, but those concerns are still there at the back of investors' minds," ...

US oil neutral in $97.37-$98.53 range SINGAPORE: US September oil looks neutral in a range of $97.37 -$98.53 per barrel, and an escape will point a direction.The range has been formed by the 76.4 percent and the 61.8 percent Fibonacci projection levels of a wave c, the third waveof a three-wave cycle that developed from the June 25 high of $106.64.A break above $98.53 will open the way towards the 50 percent level, while only a fall below $97.37 could confirm ...

Brent holds steady above $105 on geopolitical tension ahead of inventory data SINGAPORE: Brent held steady above $105 a barrel on Tuesday despite ample crude supplies, supported by political tension in the Middle East and North Africa and expectations that data will show a further draw on US crude inventories last week. But gains were checked as investors waited for economic data from the United States and Europe later on Tuesday to give the market direction. Brent crude rose for the second straight session, climbing 14 cents ...

Oil prices up on reviving Middle East supply fears SINGAPORE: Oil prices rose in Asia Tuesday on reviving fears of supply disruptions in the Middle East, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery rose 14 cents to $98.43, while Brent crude for September gained 19 cents to $105.60 in mid-morning trade. "We haven't seen signs so far that the ongoing conflicts in the Middle East could cause disruptions, but those concerns are still there at the back of investors' minds," ...

Oil prices up on turmoil in Iraq, Libya NEW YORK: Oil prices moved higher on Monday following a weekend of turmoil in key petroleum producers Libya and Iraq.US benchmark West Texas Intermediate for September delivery snapped a five-day losing streak, gaining 41 cents to $98.29 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for September delivery rose 57 cents to $105.41 a barrel in London.The rally came on continued violence in Libya, where at least 22 more people died in ...


 



 
Index Closing Chg%
Arrow DJIA 17,356.87 1.69
Arrow Nasdaq 4,644.31 2.12
Arrow S&P 2,012.89 2.04
Arrow FTSE 6,336.48 0.07
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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 15, 2014
Reserves $13.922 bln