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Oil prices slip awaiting Russia sanctions LONDON: Oil prices turned lower on Thursday as the market took their leads from geopolitical tensions affecting key crude producing regions Russia and the Middle East.Brent North Sea crude for delivery in September dropped 25 cents to stand at $107.78 in London midday deals.US benchmark West Texas Intermediate for September fell 32 cents to $102.80 a barrel."The market should continue to monitor geopolitical headlines," said Andrey Kryuchenkov, analyst at financial group VTB Capital."We do not expect sustained (price) gains unless reports emerge of actual supply-side disruptions. The market is comfortably supplied with seasonal demand in Europe still slackening," he added. Investors and traders were following decisions by the European Union, which may go even further than the United States in hitting Russian banks with sanctions over the Ukraine crisis, curbing their ability to raise fresh funds, reports said on Thursday.As member state ambassadors to the EU began a meeting to ...


UK gas prices edge up on possible new EU sanctions against Russia LONDON: Wholesale natural gas prices in Britain rose on Thursday as the threat of economic sanctions on Russia offset ample supply.Gas prices for delivery the next day were trading at 37.60 pence per therm at 0855 GMT, up 0.35 pence since their last close, while prices for delivery within the day were up 0.05 pence to 37.25 pence a therm."There's a fear that five months up the line, or even before, flows from Russia to ...

Brent oil dips below $108, market well-supplied LONDON: Brent crude dipped below $108 a barrel on Thursday as unseasonably weak demand from European refiners and plentiful supplies offset strong Chinese factory data.Brent for September delivery was down 31 cents at $107.72 a barrel by 0909 GMT, after closing 70 cents higher on Wednesday. U.S. crude was down 33 cents at $102.79 a barrel, after gaining 73 cents in the previous session."Oil is moving in a small range. It opened relatively high and ...

Oil prices turn lower in Asian trade SINGAPORE: Oil prices turned lower in Asia Thursday as investors took a breather from gains that came after the United States reported a large decline in its crude inventories, indicating strong demand.US benchmark West Texas Intermediate for delivery in September was down 24 cents at $102.88 a barrel in afternoon trade and Brent crude tumbled 13 cents to $109.90.Despite the dip, analysts said prices are likely to remain high because of data showing strong demand ...

Brent steady above $108, supported by China factory activity SINGAPORE: Brent crude was steady above $108 a barrel on Thursday, holding on to the previous day's gains, after a surprisingly strong reading on Chinese manufacturing bolstered hopes for higher demand in the world's second-biggest oil consumer. China's factory sector expanded at its fastest pace in 18 months in July, as a raft of government stimulus measures kicked in, a preliminary HSBC survey showed on Thursday. "China is a big commodities player, and this is ...

US oil to retrace to $102 SINGAPORE: US September oil is expected to break support at $102.66 and retrace further to $102 per barrel, as indicated by a Fibonacci retracement analysis and a rising channel.The support is provided by the 50 percent Fibonacci retracement on the fall from the June 25 high of $106.64 to the July 15 low of $98.68. Oil seems to have been bouncing up and down within the rising channel from July 17, the lower channel line ...

Brent to retrace to $107.06 SINGAPORE: Brent oil may retrace to a support at $107.06 per barrel, as its correction from the July 18 high of $108.62 seems to be incomplete.The correction will consist of three waves, with the second wave labelled b having extended. The third wave, the wave c, may travel to $107.06, the 23.6 percent Fibonacci retracement on the fall from the June 19 high of $115.71 to the July 15 low of $104.39.Resistance is at $108.71, ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln