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Oil prices rise, gains capped on supply glut concerns SINGAPORE: Oil prices edged higher Thursday but gains were capped amid fresh worries about the global supply glut as US crude reserves soared to a record high, analysts said.US benchmark West Texas Intermediate (WTI) for March delivery rose one cent to $44.46 while Brent crude for March gained 17 cents to $48.64 in afternoon trade.WTI dropped $1.78 in New York while Brent fell $1.13 in London after official data released Wednesday showed US crude stockpiles surged by 8.9 million barrels to 406.7 million in the week to January 23.The overall level of stockpiles was the highest since the US government began keeping weekly records in 1982.The stockpiles data "added to the pressure on benchmark prices", said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at consultancy firm EY.Daniel Ang, investment analyst at Phillip Futures in Singapore, said the stockpile surge came as "no surprise" as refinery utilisation rates ...


US crude stocks surge for third week, hitting record high NEW YORK: US crude stocks surged to their highest on record last week, a third consecutive jump as a global crude glut fills up storage tanks, while gasoline and distillate inventories fell, U.S. data showed on Wednesday.Crude inventories rose by 8.9 million barrels in the last week, according to the Energy Information Administration, compared with analysts' expectations for an increase of 4.1 million barrels. The bulk of the rise, 5.5 million barrels, occurred in the ...

Oil slips to $49 on huge US stock build, firm dollar LONDON: Oil slipped to $49 a barrel on Wednesday after an industry report said U.S. crude stocks rose by the most on record last week, and as a firmer dollar added to pressure on prices.The American Petroleum Institute said late on Tuesday U.S. crude stocks jumped by a massive 12.7 million barrels last week, triple the volume expected, and including a 2 million barrel increase at U.S. crude delivery point Cushing, Oklahoma.If confirmed by official ...

Oil slips before Fed decision, US energy report LONDON: Global oil prices weakened on Wednesday as dealers await the outcome of a Federal Reserve meeting and the release of a US supply report, analysts said.New York's West Texas Intermediate (WTI) for March delivery fell 72 cents to $45.51 a barrel.European benchmark Brent North Sea crude for March declined 26 cents to stand at $49.34 a barrel in midday London deals compared with Tuesday's close.Crude futures had rebounded Tuesday from six-year lows as the ...

Oil slips to $49 on firm dollar, US stock build LONDON: Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices.Crude futures settled up more than 2 percent on Tuesday, when the dollar index posted its biggest one-day fall since early October. A weak U.S. unit makes dollar-priced commodities cheaper for buyers holding other currencies.Brent crude has fallen almost 60 percent since June, but since hitting a near ...

Middle East Crude-Oman strengthens ahead of expiry SINGAPORE: DME Oman strengthened in the Middle East crude market on Wednesday, flipping into a premium against Dubai swaps, two days ahead of contract expiry.March-loading crude cargoes sold in Asia are fetching higher premiums on stronger refining margins and the possibility of storing excess cargoes on tankers for later sale.Russian ESPO crude premiums rose to the highest in seven months after Surgutneftegaz sold four cargoes in a tender.The producer sold four cargoes via a tender ...

South Korea's GS Caltex to shut crude and secondary units in May SINGAPORE/SEOUL: GS Caltex Corp, South Korea's second largest refiner, is to shut a crude distillation unit (CDU) and a gasoline-making unit in early May for a month-long maintenance, traders said on Tuesday.The refiner, a joint venture between GS Holdings and Chevron Corp, will take down an 180,000-barrel-per-day (bpd) CDU and a 94,000-bpd residue fluid catalytic cracker (RFCC) for a scheduled maintenance, they added.GS Caltex officials were not immediately available for comments.GS Caltex operates a refinery ...


 



 
Index Closing Chg%
Arrow DJIA 17,164.95 1.45
Arrow Nasdaq 4,635.24 1.03
Arrow S&P 1,994.99 1.30
Arrow FTSE 6,749.40 0.90
Arrow DAX 10,694.32 0.41
Arrow CAC-40 4,604.25 0.59
Arrow Nikkei 17,674.39 0.39
Arrow H.Seng 24,507.05 0.36
Arrow Sensex 29,182.95 1.68






ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln