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US oil may revisit high of $58.98 SINGAPORE: US oil may revisit its Dec. 17 high of $58.98 per barrel, as it has managed to stabilize around a support at $53.69.The support has been identified as the 238.2 percent Fibonacci projection level of a downward wave C that developed from the Sept. 30 high of $94.90. The rebound triggered by this support has easily extended above two resistances, namely $56.22 and $57.77, respectively the 223.6 percent and the 214.6 percent projection levels. Chances are it may eventually reach $60.30, the 200 percent level.The downtrend shall remain steady and may resume once the rebound ends around $60.30, as the wave C is capable of traveling to $49.61, the 261.8 percent projection level.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned ...

Brent oil may approach resistance at $63.52 again SINGAPORE: Brent oil as it seems to have temporarily bottomed around support at $59.25 per barrel, and may approach resistance at $63.52 again to complete the current rebound.Support is at the 200 percent Fibonacci projection level of a downward wave C that developed from the Nov. 21 high of $81.61. The rebound triggered by this support may consist of three waves, so far, only two have completed.The third wave labeled c is expected to travel ...

Sinopec completes 8.2mn bbls commercial crude tanks in Tianjin BEIJING: Sinopec has completed about 8.2 million barrels of commercial crude reserve tanks in Tianjin, according to a report on the Chinese oil major's website on Thursday. Construction of 13 tanks, each sized 100,000 cubic metres, was completed on Dec. 16 at Dagang of Tianjin, the report said. Copyright Reuters, 2014

Oil moves above $60 as US crude stockpiles fall LONDON: Brent crude oil moved above $60 a barrel on Wednesday as US data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production.U.S. Energy Information Administration data showing U.S. crude inventories falling by 847,000 barrels helped curtail losses, despite expectations of a 2.4-million-barrel draw. Analysts said the boost would not last long."The decline in overall crude oil inventories ...

Oil below $60 as OPEC, Russia keep pumping LONDON: Brent crude oil traded below $60 a barrel on Wednesday, near 5-1/2 year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step it to stem crude price losses.Oil prices have almost halved over the last six ...

Asia-Pacific Crude-Feb Chim Sao premiums edge up SINGAPORE: Spot premiums for February-loading Chim Sao edged up in the Asia-Pacific crude market on Wednesday as better refining margins buoyed demand and high freight rates curbed the flow of alternative supply from the Atlantic Basin.PV Oil sold a 300,000-barrel cargo each of Chim Sao to Vitol and BP at about $3 a barrel above dated Brent, traders said, up from $2.50-$2.90 a barrel in the previous month. The cargoes will load on Feb. 11-15 ...

Middle East Crude-Premiums climb on low OSPs, firm demand SINGAPORE: The Middle East crude market stayed firm on Wednesday with most February spot grades sold at higher differentials than the previous month.Low official selling prices (OSPs) and robust demand for incremental crude in Asia supported differentials in February, pushing up premiums for Abu Dhabi Murban close to 60 cents a barrel.A Japanese refiner has bought a Das crude cargo at more than 70 cents a barrel, a trader said.Refiners across Asia are keeping crude ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln