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Brent rises above $62.50 after earlier crash in volatile trading SINGAPORE: Oil markets saw volatile trading in Asia on Monday as Brent prices first fell to a 5-1/2 year low after the IEA cut its outlook and then rose on hopes of improving manufacturing data. In early trading, Brent futures fell to near $60 per barrel after the International Energy Agency forecast further price falls and OPEC's chief defended the group's decision not to cut its output target. Analysts said that oil markets were oversupplied as a result of rising output being met by cooling demand."Softer global demand, coupled with unprecedented growth in supply are weighing on global oil indices, with prices falling to levels not seen since the global financial crisis," National Australia Bank said on Monday. National Australia Bank said it had cut its Brent forecast to average $80 in the fourth quarter of 2014, $75 in the first quarter of 2015 and $80 as an average price ...

Oil prices rebound in Asia SINGAPORE: Oil prices bounced back in Asia Monday on hopes of upbeat global manufacturing data to be released later this week, but remained near five-year lows after plunging more than 50 percent since June. US benchmark West Texas Intermediate rose 49 cents to $58.30 while Brent gained 68 cents to $62.53 in afternoon trade, reversing losses in both contracts in early trading. "With preliminary manufacturing purchasing managers' index (PMI) data scheduled for release this week, ...

Norway's gas output down 15 mcm on Monday due to Kollsnes failure OSLO: Norway's Kollsnes gas processing plant, the country's biggest, suffered a production outage early on Monday due to bad weather, and its output will be down by 15 million cubic metres on Monday, gas system operator Gassco said in a market message. The outage, due to a failure in its external power supply, is expected to last 10 to 14 hours and the plant started to ramp up shortly after the outage, Gassco said. Norway ...

Brent gives up some gains, heads toward $62 in volatile trade SINGAPORE: Brent crude gave up some of its gains and dropped towards $62 a barrel on Monday in volatile trading, which saw prices fall to a 5-1/2 year low after the IEA cut its outlook and then rise more than a dollar on hopes of improving manufacturing data.Brent for January delivery was at $62.05 a barrel at 0425 GMT, up 20 cents from its Friday's settlement but 90 cents below the intra-day high of $62.95 ...

Australia shares seen opening down for 5th session on oil, budget woes SYDNEY: Australian shares are likely to fall for a fifth straight session on Monday as investors mull a plunging oil price, Chinese economic slowing, and what is expected to be a wider than expected forecast domestic budget deficit.In a mid-year review, Australian Treasurer Joe Hockey is expected to reveal that the budget deficit for the year to June 30, 2015 will blow out by about A$5 billion ($4.2 billion) to nearly A$35 billion.Hockey is expected ...

Oil plunges to 5 1/2-year low, Asian shares on defensive TOKYO: Oil prices sank more than two percent to 5 1/2-year lows early on Monday on concerns about a supply glut and slower global growth, feeding fears for energy and commodities producers and exporters. Investors were nervous after US shares posted their biggest weekly fall in 2 1/2-years last week on losses led by energy sector, and as they expect the US Federal Reserve to hint this week it is getting closer to raising interest ...

US oil to hover above support at $56.22 SINGAPORE: US oil may hover above a support at $56.22 per barrel for one day or rebound moderately to a resistance at $57.77 before falling again.The contract is riding on a firm downtrend towards $49.61, the 261.8 percent Fibonacci projection level of a downward wave C that developed from the Sept. 30 high of $94.90.The 223.6 percent level at $56.22 and the 214.6 percent level at $57.77 work respectively as the current support and resistance.A ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln