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Oil prices rise on geopolitical tensions LONDON: Oil prices rose on Tuesday on geopolitical tensions fuelled by a warning of tougher sanctions against Russia and fierce fighting in Gaza, traders said.Brent North Sea crude for delivery in September climbed 64 cents to stand at $108.32 a barrel in London midday deals.US benchmark West Texas Intermediate (WTI) for August increased 34 cents to $104.93 a barrel compared with Monday's closing value."The crises in Ukraine and the Gaza Strip, coupled with the risk of tougher economic sanctions against Russia, caused oil prices to climb," said analysts at Commerzbank in a note to clients.EU foreign ministers tackled tougher Ukraine crisis sanctions against Russia on Tuesday, divided as to how far to go and with British-led calls for an arms embargo putting France on the spot.The downing of Malaysia Airlines flight MH17 last week, allegedly by pro-Moscow rebels using Russian equipment, has changed the situation completely and requires a much ...


Brent holds above $107; focus on Ukraine, US stockpiles SINGAPORE: Brent crude held steady above $107 a barrel on Tuesday, supported by escalating geopolitical tension over Ukraine and expectations of large draws in U.S. oil stockpiles.Speculators mostly kept to the sidelines, with light volumes across most risk assets including oil, but the risks in oil prices seemed to point towards gains, with the possibility of new Western sanctions on Russia, the world's top crude producer."There is a lot of tough talk going on at ...

UK gas prices decline as reduced demand leads to over supply LONDON: Wholesale natural gas prices in Britain fell on Tuesday as weak demand for gas due to warm weather led to oversupply.Gas prices for day-ahead delivery were trading at 37.15 pence per therm at 0832 GMT, down 0.20 pence from Monday's close.Prices for within-day delivery were 0.75 pence lower at 37.10 pence per therm.Demand for gas was forecast to be at 165 million cubic metres on Tuesday, 14 mcm below seasonal normal demand. Flows were ...

Oil steadies around $108; focus on Ukraine, US stockpiles LONDON: Brent crude steadied around $108 a barrel on Tuesday, supported by expectations of large draws in U.S. oil stockpiles and escalating geopolitical tension over Ukraine causing European foreign ministers to consider further sanctions on Russia.European foreign ministers meet in Brussels on Tuesday and Britain, Germany and France may be prepared to increase sanctions against Russia, the world's top crude producer."The talks about potential new sanctions against Russia can add risk premium to the oil ...

Mexico approves oil and gas reform legislation MEXICO CITY: Mexico's Senate has approved legislation to implement historic constitutional reform that would open the country's oil and gas industry to foreign investment for the first time since 1938.In an 85-26 vote, lawmakers passed the last of four packages of laws Monday to end the monopoly held by state oil company Pemex for 75 years in the exploration and exploitation of energy resources.The Chamber of Deputies must now vote on the measures, which the ...

Oil prices up in Asian trade SINGAPORE: Oil prices rose in Asia Tuesday against the backdrop of geopolitical tensions fuelled by a warning of tougher sanctions against Russia over the downing of a Malaysian airliner and fierce fighting in Gaza.US benchmark West Texas Intermediate (WTI) for August delivery was up 54 cents at $105.13 at midday, and Brent crude for September climbed 26 cents to $107.95.Five days after Malaysia Airlines flight MH17 crashed in Ukraine, pro-Russian separatists conceded to a furious ...

Oil up on tight US supplies, fears over Ukraine, Gaza NEW YORK: Tight petroleum supplies in the US and anxiety about fighting in Ukraine and Gaza pushed oil prices higher Monday.US benchmark contract West Texas Intermediate for August delivery jumped $1.46 to $104.59 on the New York Mercantile Exchange.European benchmark Brent oil for September delivery rose 44 cents to $107.68 a barrel in London.Analysts said recent US oil inventory reports showing lower crude supplies were major factors behind Monday's higher prices.Refiners, particularly in the Gulf ...


 



 
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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