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Oil drops towards $85 after Goldman cuts forecasts LONDON: Brent crude oil fell towards $85 a barrel on Monday after Goldman Sachs slashed its price forecasts, citing abundant supply and lacklustre demand despite a pick-up in global economic growth.The U.S. investment bank said in a research note on Sunday that it had cut its forecast for Brent to $85 a barrel from $100 for the first quarter of 2015 and reduced its projection for U.S. crude to $75 from $90.The bank said Brent could fall to $80 a barrel in the second quarter of 2015, with U.S. crude dipping as low as $70 while rising production in non-OPEC countries outside North America outstripped demand.Goldman Sachs' move makes it the most bearish of major financial institutions that have been cutting estimates in recent weeks.Brent for December fell to a low of $85.11, down $1.02 a barrel, before recovering a little to trade around $85.25 by 1050 GMT. U.S. crude ...


Kuwait plays down row with Saudi over shared oilfield KUWAIT CITY: Kuwait has played down a row with Saudi Arabia over its decision to halt production at an offshore oilfield jointly operated by the two Gulf neighbours.Oil Minister Ali al-Omair said the dispute over operations at the Khafji field would not affect strong ties."We hope to resolve this matter through dialogue, contacts and the open-door policy existing between the two nations," Omair said, cited by the official KUNA news agency overnight.A Kuwaiti oil trade ...

US oil to test support at $79.78 SINGAPORE: US oil is expected to test a support at $79.78 per barrel, a break below which will lead to a further loss to $78.The support was formed around the Oct. 16 low, temporarily holding oil from falling towards $78, another support provided by the lower channel line of a falling channel.Even though it is hard to categorise the fall from the Oct. 21 high of $84.05, a preceding downtrend from the Sept. 30 high ...

Brent oil to fall towards $82.87 SINGAPORE: Brent oil is expected to fall towards support at $82.87 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis.Support is provided by the 86.4 percent Fibonacci projection level of a downward wave C that developed from the June 19 high of $115.71. It has triggered a rebound, which has been limited around resistance at $86.67, the 76.4 percent level.The rebound has been driven by a wave 4, the fourth wave ...

Brent drops below $86 after Goldman cuts price forecasts TOKYO: Brent crude futures fell below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for US oil in the first quarter of next year by $15.The US investment bank said in a research note on Sunday that it had cut its forecast for West Texas Intermediate to $75 a barrel from $90 and that for Brent to $85 from $100, with rising production in non-OPEC countries outside ...

Oil mixed in Asian trade SINGAPORE: Oil was mixed in Asian trade Monday but remained subdued with no signs the world's key crude producers will cut output in the face of a supply glut, analysts said.US benchmark West Texas Intermediate for delivery in December was up one cent to $81.02 a barrel in late-morning Asian trade, reversing earlier losses, while Brent crude for December eased 25 cents to $85.88.Both contracts were down Friday, resuming their slide following a rebound the ...

Oil slips below $86 on strong supply, NY Ebola case LONDON: Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets. Iraq increased its oil supply in October, and Libya's production remained high, despite deep instability in both countries. Brent crude for December fell by more than $1 to a low of $85.62, and was trading around $85.90 by 1330 GMT. US ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln