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US oil prices rise following bullish inventory report NEW YORK: Oil prices shot back above $100 a barrel in New York after a US petroleum inventory report showed a big drop in crude stocks and higher refinery activity levels.US benchmark West Texas Intermediate for August delivery gained $1.25 to close at $101.20 a barrel on the New York Mercantile Exchange. WTI Tuesday had closed below $100 for the first time in two months.European benchmark Brent oil for delivery in August fell 17 cents to $105.85 a barrel in London. "Clearly, the WTI market has been supported by the larger than expected inventory draw," said Andy Lipow, head of consultancy Lipow Oil Associates in Houston.US commercial oil stocks fell 7.5 million for the week ending July 11, the US Energy Information Administration said in an inventory report. That was far above the 2.6 million drop projected by analysts.Lipow also pointed to a rise in refinery utilization, which means plants ...


Oil market enjoys China-inspired gains LONDON: Global oil prices rebounded on Wednesday as traders seized on news of stronger-than-expected economic growth in top energy consumer China.Brent North Sea for delivery in August rose 33 cents to $106.35 a barrel in London early afternoon deals.New York's benchmark West Texas Intermediate for August gained 75 cents to $100.71 per barrel from Tuesday's closing level."Robust Chinese economic data offered some support to the oil market ... today, increasing hopes about a rebound of ...

Uganda orders Tullow Oil to pay $407mn tax bill KAMPALA: A Ugandan tax appeals court on Wednesday ordered the Anglo-Irish firm Tullow Oil to pay a $407 million tax bill related to the sale of local assets in 2012.Tullow Oil, which had already paid $142 million or 30 percent of the bill to appeal an earlier ruling, contested the decision and said it might seek international arbitration.The ruling holds that the firm is fully liable to pay capital gains tax on the $2.9 billion ...

Oil rises on delayed Libyan port restarts, improved China growth LONDON: US September crude prices gained a dollar to over $100.50 a barrel on Wednesday as data from China showed its economy grew faster than expected and a Libyan official said two main eastern oil ports would unlikely export before August.China's improving outlook and the delayed Libyan port restart ended oil's longest losing streak since 2010 which had pulled Brent down more than 8 percent since mid-June.U.S. September crude gained a dollar to a high ...

UK gas spot prices dip on oversupply LONDON: Spot wholesale natural gas prices in Britain dipped for a second day on Wednesday as an oversupplied system and the prospect of more gas arriving via sea weighed on the market.Day-ahead NBP gas was down 0.5 percent at 36.50 pence/therm by 0833 GMT, approaching the four-year low of 34.40 pence hit last Friday."Most of the drivers for today are either sideways bearish or sideways bullish," said analysts at Thomson Reuters Point Carbon.On the bearish ...

Oil edges up on China growth, demand figures SINGAPORE/LONDON: Brent crude prices edged up above $106.50 a barrel on Wednesday as data from China showed its economy grew faster than expected in the second quarter and the country's implied oil demand rose to its highest since the beginning of last year.The improving outlook in the world's second-largest economy offset previous downward pressure on oil prices from easing concerns about supply disruptions in North Africa, the Middle East and Ukraine, which had pulled Brent ...

August fuel oil arbitrage to Asia to hit 6-month low SINGAPORE: Fuel oil supply slated to arrive in Asia in August from the West is expected to fall to its lowest level since February, though any upside to the market would be offset by lacklustre demand, sources said on Wednesday.An estimated 2.7 million tonnes of fuel oil should reach Asia in August from Europe and the Americas, 10 percent less that in July, Reuters analysis of shipping data showed. .While volumes into Asia's trading hub ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln