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Brent recovers above $85 after biggest fall in three years SINGAPORE: Brent edged higher above $85 a barrel on Wednesday, recovering from its biggest daily fall in three years, a drop that pushed prices to the lowest since late 2010 as traders scrambled to keep up with the downward momentum.Worries about oil supply exceeding demand in a slowing global economy sparked the rout that began after prices hit this year's high in mid-June. Brent is down about $30 since then.Comments from core OPEC members, including Saudi Arabia, Kuwait and Iran, signaling that the group is unlikely to cut output to support oil markets have further depressed prices.Brent crude for November climbed 37 cents to $85.41 a barrel by 0440 GMT. In the previous session, the front-month contract suffered its biggest daily drop since 2011 and slipped below $85 a barrel for the first time since late 2010.US crude gained 27 cents to $82.11 after posting its largest fall in a ...


Oil prices see small rebound in Asia SINGAPORE: Oil staged a minor rebound on bargain-buying in Asian trade Wednesday following sharp falls that have seen prices hit multi-year lows owing to a supply glut and weak global demand, analysts said.US benchmark West Texas Intermediate (WTI) for November delivery climbed five cents to $81.89 a barrel in late-morning trade and Brent crude for November added 39 cents to $85.43.WTI is still languishing at two-year lows after plummeting 4.5 percent in New York on ...

Middle East crude softens despite Chinaoil purchases SINGAPORE: The Middle East crude market softened despite continued robust demand from Chinaoil which bought another three physical cargoes on the Platts window on Tuesday.Gunvor and Shell will each deliver an Upper Zakum to Chinaoil while Unipec sold an Oman to its Chinese counterpart, traders said. Chinaoil has bought 22 cargoes on the trading platform this month, including 14 Upper Zakum cargoes, 7 Omans and one Dubai.Asian refiners had raised concerns about the recent strength ...

OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, ...

Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...

Statoil says Tanzania LNG plant to start in 2021/22 at earliest OSLO: Norwegian energy firm Statoil expects its Tanzania gas liquefaction plan to start up in 2021 or 2022 at the earliest, the firm said on Tuesday. "If we experience no delays, our preliminary schedule indicates that it is not realistic to start up production before 2021-22, at the earliest," Statoil spokesman Knut Rostad told Reuters. "Our focus is now on reducing the technical and commercial uncertainties and aligning some key outstanding framework conditions together with ...

US oil may break support at $84.21 SINGAPORE: US oil may break support at $84.21 per barrel and fall further towards $81.68 as its consolidation above this support seems to be ending.Support has formed around the 61.8 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the June 20 high of $107.73.The rebound triggered by support failed to extend above resistance at $86.25, the 50 percent level, indicating a prevailing bearish market ...


 



 
Index Closing Chg%
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln