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US oil below $100 for first time in two months NEW YORK: Global oil prices dropped on Tuesday, with the US futures contract sinking below $100 for the first time since May on receding worries about Iraq supply disruptions.US benchmark West Texas Intermediate for August fell 95 cents to close at $99.96 a barrel on the New York Stock Exchange. WTI had not finished below the century mark since May 9.Brent North Sea for delivery in August sank 96 cents from Monday, settling at $106.02 a barrel in London trade, its lowest level since April 7."Easing fears of an Iraqi supply disruption and tepid fuel demand levels continue to erase the geo-political risk premium (Iraq and the Ukraine) that boosted both markets to nine-month highs late last month," Eugene McGillian at Tradition Energy said in a research note.Iraq's sharply divided parliament elected a speaker Tuesday in a step forward in the delayed government formation process, as a renewed bid to ...


UK gas prices ease after return of St Fergus gas terminal LONDON: Wholesale natural gas prices in Britain dropped on Tuesday morning due to a return to production of North Sea gas fields that went into an unplanned outage the previous day.Gas prices for delivery within the day were trading at 36.25 pence per therm at 0820 GMT on Tuesday, down 1.6 pence since their last close, and prices for delivery the next day were down 1.05 pence to 36.10 pence a therm.Traders said the price ...

Brent oil slips below $106.50, ample supplies outweigh Libya strife LONDON: Brent crude oil slipped below $106.50 a barrel on Tuesday as easing concerns over global supplies offset the impact of renewed violence in Libya.A Libyan militia shelled Tripoli airport, destroying 90 percent of planes parked there as renewed fighting between armed groups prompted the United Nations to pull its staff out of the North African OPEC producer.The latest violence came as oil output from Libya rose to nearly 500,000 barrels per day (bpd) after ...

Oil prices down ahead of Yellen testimony SINGAPORE: Oil prices fell in Asia Tuesday as investors await congressional testimony by the US central bank chief for fresh clues about the state of the world's biggest economy, analysts said. US benchmark West Texas Intermediate for August delivery was down five cents to $100.86 while Brent crude for August eased 23 cents to $106.75 in afternoon trade. US Federal Reserve chair Janet Yellen will begin two days of testimony later Tuesday before congressional committees ...

North Dakota flaring rules may curb oil output NEW YORK: New limits on flaring natural gas in North Dakota may producers to curtail as much as 50,000 barrels per day of oil production beginning in October,the state’s Department of Mineral Resources said on Monday. Producers are unlikely to meet the Oct 1 deadline to reduce flaring without additional well site technology or production curtailment, department head Lynn Helms said on a monthly call.As a result, they may have to cut 40,000 to 50,000 ...

Oil prices mixed ahead of Yellen testimony SINGAPORE: Oil prices were mixed in Asia Tuesday as investors await congressional testimony by the US central bank chief for fresh clues about the state of the world's biggest economy, analysts said. US benchmark West Texas Intermediate for August delivery rose one cent to $100.92 while Brent crude for August eased 18 cents to $106.80 in late-morning trade.US Federal Reserve chair Janet Yellen will begin two days of testimony later Tuesday before congressional committees that ...

Brent oil may remain above $105.98 SINGAPORE: Brent oil seems to have stabilised around a support at $105.98 per barrel, and may remain above it or rebound towards a resistance at $107.84.The support is provided by the 76.4 percent Fibonacci retracement on the rise from the Nov. 8, 2013 low of $102.98 to the June 19 high of $115.71. It has been strengthened by another similar one established by a trendline rising from the April 18, 2013 low of $96.75.These two ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
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