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Oil prices fall to 4-year lows as OPEC production cut looks unlikely SINGAPORE: Oil prices fell to four-year lows on Thursday as it appeared unlikely producer club OPEC would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and US stocks boosted available supplies. The Gulf producers within the Organization of the Petroleum Exporting Countries (OPEC) - Saudi Arabia, Kuwait, Qatar and the United Arab Emirates - said on Wednesday that they will not propose an output cut during the offical meeting on Thursday, reducing the likelihood of joint action by OPEC to prop up prices that have sunk by a third since June. Benchmark Brent futures dropped over $1 in Asian morning trading on Thursday to a low of $76.28 a barrel, their lowest level since September 2010, and US crude was also down over $1 to a session low of $72.61 a barrel. Following the sharp falls, both contracts recovered slightly to ...


Oil extends losses ahead of key OPEC meeting SINGAPORE: Oil prices retreated further in Asia Thursday on expectations the OPEC cartel will keep production at present levels despite pressure over falling prices at a key meeting later in the day, analysts said.US benchmark West Texas Intermediate (WTI) for January delivery fell 55 cents to $73.14 while Brent crude for January was down 47 cents to $77.28 in mid-morning trade.WTI fell 40 cents in New York late Wednesday to its lowest closing point since ...

Sri Lankan stocks fall to 5-wk closing low on political woes COLOMBO: Sri Lankan stocks fell to a five-week closing low on Wednesday on concern over political stability ahead of the Jan. 8 presidential polls as a legislator from President Mahinda Rajapaksa's ruling party defected to join the main opposition United National Party. Eight loyalists from Rajapaksa's United People's Freedom Alliance, including Health Minister Mithripala Sirisena, have defected since Rajapaksa called for the snap poll last week. Sirisena resigned to contest against Rajapaksa as the candidate ...

Oil steadies below $79 as market doubts OPEC cut LONDON: Brent crude oil steadied below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices. Saudi Arabian Oil Minister Ali al-Naimi said he expected oil "to stabilise itself eventually", a comment traders understood to mean that the cartel would not cut output when oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday ...

Brent steadies around $78.40 ahead of OPEC meeting SINGAPORE: Brent crude steadied around $78.40 a barrel on Wednesday ahead of talks by producer group OPEC, but prices fell earlier in the session as Asia's top four economies showed signs of weakness.The European benchmark was at $78.43 a barrel at 0717 GMT, off a low of $78 hit earlier in the day, while US crude was at $74.13 a barrel, up from a low of $73.64.Traders said talks of a potential output cut ahead ...

Polish refiner PKN to build heat and power plant for $493mn WARSAW: PKN Orlen, Poland's top oil refiner, announced plans on Wednesday to build a 596 megawatt combined heat and power plant in the city of Plock, where it is based, for about 1.65 billion zlotys ($493mn).PKN said in a statement its supervisory board has already approved the project, which should be completed by the end of 2017.Copyright PPI (Pakistan Press International), 2014

Saudi's Naimi says oil market will stabilise eventually VIENNA: Saudi Arabian Oil Minister Ali al-Naimi told reporters on Wednesday that he believed the oil market "will stabilise itself eventually".Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna.Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut.Copyright Reuters, 2014


 



 
Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,723.42 0.09
Arrow DAX 9,974.87 0.60
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln