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Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications the OPEC cartel will cut its production target next year. US benchmark West Texas Intermediate (WTI) for October delivery fell 12 cents to $94.76 while Brent crude for November eased eight cents to $98.97 in afternoon trade. WTI jumped $1.96 on Tuesday while Brent gained $1.17."We are seeing some consolidation in the oil market in Asian hours after news of the OPEC production cut led to gains overnight," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.In comments widely reported Tuesday, Abdullah El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said he expected the cartel to trim output in 2015 by about 500,000 barrels per day to 29.5 million. The cartel is due to hold its next production meeting in Vienna ...


US oil to gain more to $96.09 SINGAPORE: US oil is expected to gain more to $96.09 per barrel, as it has cleared a resistance at $93.93.The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25 to the Sept. 11 low of $90.43. The next resistance will be at $96.09, the 38.2 percent retracement.The current rebound may end around $96.09, to be followed by a drop towards $93.93, as the downtrend from ...

Brent oil may rise more to $100.80 SINGAPORE: Brent oil may break a resistance at $99.05 per barrel and rise more to $100.80, as indicated by a Fibonacci retracement analysis.The current rebound from Sept. 15 low of $96.21 could be against the downtrend from the June 23 high of $115.66. The Fibonacci retracement on the trend reveals a minimum rebound target at $100.80, the 23.6 percent retracement.The immediate resistance is at $99.05, the 14.6 percent level, which seems to have temporarily stopped ...

Brent keeps gains, stays near $99 on OPEC output cut talk SINGAPORE: Brent crude steadied below $99 per barrel on Wednesday, after staging its steepest climb in two weeks in the previous session, on hopes the Organization of the Petroleum Exporting Countries (OPEC) will cut output and reduce a global supply glut. The European benchmark sank to a 26-month low this week on continued worries about rising supplies and slower demand growth in China and Europe, but prices rose on Tuesday after OPEC's secretary general Abdullah ...

Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications that the OPEC cartel will cut its production target next year. US benchmark West Texas Intermediate (WTI) for October delivery fell 11 cents to $94.77 while Brent crude for November eased 13 cents to $98.92 in mid-morning trade. WTI jumped $1.96 on Tuesday while Brent gained $1.17."We are seeing some consolidation in ...

Oil prices rebound as OPEC hints at lower output LONDON: World oil prices rebounded sharply on Tuesday after the head of OPEC indicated that the crude producers' cartel could cut its production target for 2015.The widely-reported comments came from Abdullah El-Badri, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), after talks with Russian Energy Minister Alexander Novak in Vienna.In late afternoon deals, Brent North Sea crude for delivery in November rallied $1.40 to $99.28 per barrel from Monday's closing level.US benchmark West ...

Oil up on OPEC production cut talk, Libya paring output NEW YORK: Brent and US crude futures rose more than a dollar on Tuesday on the prospect of a possible OPEC production cut and on news that Libya curbed output after rockets hit an area near a refinery.Oil prices received more lift when Russia said deploying troops in Crimea, which Russia annexed from Ukraine in March, was a top priority with NATO holding military exercises in the Ukraine near its border with Poland.Oil prices pushed ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln