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Oil prices dip on US crude data, OPEC speculation NEW YORK: Oil prices dipped Wednesday following mixed US crude-inventory data and reports suggesting an OPEC production cut is unlikely when the organization meets in November. US benchmark West Texas Intermediate for October delivery shed 46 cents to close at $94.42 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for November delivery slipped eight cents to $98.97 a barrel in London.US crude inventories unexpectedly increased by 3.7 million barrels for the week ending September 12, according to the Department of Energy. Analysts had expected inventories to fall by 1.2 million barrels, a survey by Dow Jones Newswires showed.However, John Kilduff, founding partner at Again Capital, said the surprising increase in crude stocks was countered somewhat by other aspects of the US oil-supply report. The report showed a drop of 1.6 million in gasoline stocks, whereas analysts had expected the level to be unchanged. Analysts also cited a ...


Oil market long term fundamentals robust-Saudi dep oilmin DUBAI: Long term oil market fundamentals are robust and short-term price moves have little meaning for Saudi Arabia, the kingdom's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz, was quoted as saying on Wednesday by the Saudi Press Agency. "Temporary factors such as concerns about global economic recovery, geopolitical events, and positioning in paper markets, can affect short-term price movement," he was quoted as saying."But for a major oil producer and exporter such as ...

PDVSA says ends 'major' maintenance on Puerto La Cruz refinery CARACAS: Venezuelan state oil company PDVSA said on Wednesday it completed a "major" 42-day maintenance on a distillation unit at its Puerto La Cruz oil refinery.Puerto La Cruz is a 187,000 barrel-per-day refinery located on the Caribbean coast. The unit in question processed 70,000 barrels per day, PDVSA added in a statement on its web site.Copyright Reuters, 2014

Endesa board approves 8.25 bln eur Enersis stake sale to Enel MADRID: The board of Spanish elecricity firm Endesa on Wednesday approved the sale of its Latin American assets to Italian parent group Enel for 8.25 billion euros (10.7 billion US dollar), the firm said in a statement. The deal, in which Enel will buy the stake of just over 60 percent that Endesa has in Chilean electricity group Enersis , will leave the Spanish group almost entirely focused on its domestic market. Enel, meanwhile, which ...

North Sea Crude Forties weakens at prompt on ample supply LONDON: North Sea Forties crude differentials fell on Wednesday as Vitol sold a prompt cargo, although bidding from Total supported the value of cargoes loading further out. The Brent market remains in contango, indicating ample crude supply in the Atlantic basin, and refinery buying in northwest Europe remains muted despite strong margins. According to Reuters models, the Brent cracking margin in Rotterdam stands at more than $7 a barrel, almost double the average over the ...

Restart of paper mills, cooler weather lift spot OSLO: An expected restart of two paper mills in the region and colder weather lifted Nordic spot power prices on Wednesday, analysts said.The spot price for physical power delivery on Thursday was set at 36.71 euros per megawatt-hours (MWh)on the Nord Pool Spot exchange, up from 36.56 euros/MWh on Wednesday.The day-ahead power contract on Nasdaq OMX Commodities was last traded at 37.00 euros/MWh, indicating that traders expected a higher delivery price."Expected higher consumption due to ...

Oil steadies around $99 on possible OPEC output cut LONDON: Brent crude oil steadied at around $99 per barrel on Wednesday, after jumping on Tuesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output.Prices rose by the most in two-and-a-half months on Tuesday after OPEC Secretary General Abdullah al-Badri said the group could trim its 2015 output target by 500,000 barrels per day (bpd). The benchmark had hit a a 26-month low the ...


 



 
Index Closing Chg%
Arrow DJIA 17,042.90 0.17
Arrow Nasdaq 4,493.39 0.28
Arrow S&P 1,972.29 0.28
Arrow FTSE 6,622.72 0.36
Arrow DAX 9,474.30 0.55
Arrow CAC-40 4,416.24 1.33
Arrow Nikkei 16,173.52 0.84
Arrow H.Seng 22,932.98 1.28
Arrow Sensex 26,630.51 0.13





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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
WeeklySeptember 25, 2014
Reserves $13.305 bln