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Oil prices fall on easing geopolitical fears NEW YORK: Oil prices slid lower on Monday on easing concerns about conflicts in Ukraine and Iraq and increased output by Libya.US benchmark West Texas Intermediate for delivery in September finished trade at $96.41 a barrel, shedding 94 cents from Friday's closing level.The key European futures contract, Brent North Sea crude for October, sank by $1.93 to settle at $101.60 a barrel, its lowest level since June 2013."The crude complex starts this week by being clobbered lower as Libya production has increased to 540,00 bpd (barrels per day) and Kurds have recaptured control of most of the Mosul dam in Iraq," said Matt Smith of Schneider Electric."Re-opening of the biggest oil ports in the east could raise Libyan oil supplies further in the next few weeks, adding to the existing oversupply on the European market," Smith said.Talks on Sunday between Russia and Ukraine in Berlin also "helped to dissipate geopolitical ...


Oil slumps to 14-month low in poor start to week LONDON: Oil prices dived to a 14-month low on Monday, spurred by worries over soft global crude demand, abundant supplies and easing concerns about conflicts in Ukraine and Iraq, dealers said.Brent North Sea crude for October sank as low as $101.16 per barrel, reaching a level last seen on June 26, 2013. It later stood at $101.23, down $2.30 from Friday's closing level.Also on Monday, US benchmark West Texas Intermediate (WTI) for delivery in September ...

Oil sinks to lowest since June 2013 as supply risks ease LONDON: Oil fell below $102 a barrel to its lowest in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.Crude jumped on Friday after the government in Kiev said its artillery had partially destroyed a Russian armoured column. While fighting between Ukrainian forces and pro-Moscow separatists continues, fears of a further escalation proved unfounded."It became apparent on Friday ...

Oil prices slide in poor start to week LONDON: World oil prices fell sharply on Monday, handing back pre-weekend gains on easing supply worries in both Ukraine and Iraq, dealers said. US benchmark West Texas Intermediate (WTI) for delivery in September dropped $1.01 to $96.34 a barrel. Brent North Sea crude for October sank $1.25 to $102.28.The oil market had surged late on Friday after Kiev said that Ukrainian forces had destroyed part of a Russian military convoy that entered its territory."It became ...

Rosneft begins oil prospecting off Norway despite sanctions MOSCOW: Russian state oil giant Rosneft, despite tightening Western sanctions, said Monday it had started exploring for oil in a joint project with Norway's Statoil.The two companies "started exploration operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea," Rosneft said in a statement.The test well will descend 422 metres (1,385 feet) through the Arctic waters and then bore through the soil to a total depth of 1,516 metres in ...

Brent falls below $103/barrel on easing geopolitical risks SINGAPORE/LONDON: Brent crude fell more than $1 to trade below $102.5 a barrel on Monday, as the threat of wider conflict in Ukraine diminished, oil output increased in Libya and worries eased over supply from key producer Iraq.The drop followed a spike in benchmark prices on both sides of the Atlantic on Friday when fighting in east Ukraine intensified.In what may be a breakthrough in Ukraine's campaign against pro-Moscow separatists, government forces raised their national ...

UK gas prices fall as North Sea supply returns, Langeled flows up LONDON: Natural gas prices in Britain fell on Monday morning as piped Norwegian supply helped offset the shutdown of Emden EMS and returning output after British North Sea maintenance eased supply concerns.Prices for within-day delivery were trading at 42.80 pence per therm at 0926 GMT, down 2.2 pence since their last settlement. Prices for delivery on Tuesday were down 0.7 pence at 43.25 pence.The market was broadly balanced with supply flows forecast at 149.4 million ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln