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Oil prices down ahead of Fed meet outcome, supply report SINGAPORE: Oil prices fell in Asia Wednesday as dealers await the outcome of a US Federal Reserve meeting and the release of a US supply report expected to show a surge in crude stockpiles, analysts said.US benchmark West Texas Intermediate for March delivery fell 70 cents to $45.53 while Brent for March eased 60 cents to $49.00 in afternoon trade.The Fed is expected to release a post-meeting statement later Wednesday following the first gathering this year of its policy-making Federal Open Market Committee.Singapore's United Overseas Bank (UOB) said the Fed statement will be pored over by investors for clues to the central bank's thinking on the timing for an expected interest rate hike later this year, the first since 2006."We continue to expect the Fed rate normalisation to take place in 2Q-2015," UOB said in a commentary."We do see the possibility that the Fed (could be) increasingly torn between strong ...


Oil rebounds sharply from six-year lows as dollar eases NEW YORK: Oil prices rebounded Tuesday from six-year lows as the dollar weakened after disappointing US economic data .The US benchmark, West Texas Intermediate (WTI) for March delivery, rose $1.08 (2.4 percent) to close at $45.16 a barrel.Brent North Sea crude for March settled at $49.60 a barrel in London, up $1.44 from Monday's closing level."The market has found a bottom in the mid-40 range," said Kyle Cooper of IAF Advisors.Crude futures sank Monday to ...

North Sea Crude: Forties offered lower, traders see market falling further LONDON: North Sea Forties and Ekofisk cargoes were offered lower on Tuesday as sellers struggled to offload barrels and traders said prices would probably fall further given the lack of buying interest and ample supplies of competing crudes."Nothing seems to be changing the weak sentiment in the market at the moment," one trader said."People are calling the bottom but it could be the buying to store that is causing this bottom. If the storage runs ...

Europe Distillates:Diesel eases, supplies seen ample LONDON: Diesel barge price differentials in northwest Europe fell slightly on Tuesday as demand in the region weakened while supplies were expected to remain ample.The prompt contango in diesel futures, when the prompt February contract trades above the March futures, has flipped in recent days, limiting demand for storage, traders said. But the diesel market remained in a deep contango of around $42 a tonne going into December 2015, meaning that storing product was still ...

Med Crude: Urals strengthens in Med on lower Feb supplies LONDON: Russian Urals crude price differentials strengthened in the Mediterranean again on Tuesday as expectations of lower supplies next month saw traders raising bids, while Venezuela is seeking another Urals cargo. Litasco bid for an Aframax Urals cargo in the Mediterranean for a second day, raising its bid to dated Brent minus 65 cents in the Platts window from $1 below the benchmark in the previous session. Vitol, which bid unsuccessfully at minus 90 cents ...

Oil up 2pc on weaker dollar; traders wary of stock build NEW YORK: Oil rose more than 2 percent on Tuesday as a weaker dollar propped up commodities priced in the currency, prompting short-covering in a market that has sold off with little pause over the past seven months. Even so, gains in oil were capped by fears of another large build in US crude stocks, traders said US crude stocks rose 3.8 million barrels, on average, in the week to Jan. 23, according to a ...

US proposes allowing oil, gas drilling off Atlantic Coast WASHINGTON: The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of US waters off the Atlantic Coast. The 2017 to 2022 drilling plan begins a process that could take many years before waters off the coasts of Virginia, North Carolina, South Carolina or Georgia are cleared for drilling. Interior Secretary Sally Jewell said the plan was "a balanced proposal" to make available oil and gas ...


 



 
Index Closing Chg%
Arrow DJIA 17,164.95 1.45
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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