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US oil to retrace to $81.70 SINGAPORE: US oil is expected to retrace further to $81.70 per barrel and then rise towards $82.89 as indicated by its wave pattern and a Fibonacci retracement analysis.The sharp gain from the Oct. 16 low of $79.78 was driven by a wave (4), the fourth wave of a five-wave cycle that developed from the Sept. 30 high of $94.90.This wave will consist of three waves, so far, only the first wave labelled a has completed around resistance at $84.81, the 38.2 percent Fibonacci retracement on the fall from the Oct. 1 high of $92.96 to $79.78.The second wave, the wave b, is half-completed, and may extend to $81.70, the 14.6 percent level. This wave will be either partially or fully reversed by an upward wave c, which could travel to $82.89, the 23.6 percent level, or to $84.81.** Wang Tao is a Reuters market analyst for commodities and energy technicals. ...


Brent oil may retrace to $85 SINGAPORE: Brent oil faces resistance at $86.67 per barrel and may retrace to the Oct. 16 high of $85 to fill a gap on the daily chart.The resistance has been identified as the 76.4 percent Fibonacci projection level of a downward wave C that started at the June 19 high of $115.71 and it may stop oil from rebounding further.Even though the gap on the daily chart has been caused by a switch from the ...

Brent crude rallies above $86 but still heading for 4th weekly loss SINGAPORE: Oil got some respite on Friday from a four-month rout, with Brent climbing by almost a dollar to above $86 a barrel after positive US data buoyed global financial markets, although market analysts doubted the rally would take it much higher.The global oil benchmark is still headed for its fourth weekly loss in a row, having hit a four-year low on Thursday as excess supply and weak demand from Europe to China pummelled prices.Front-month ...

Brent crude rallies above $86 but heads for 4th weekly loss SINGAPORE: Oil got some respite on Friday from a four-month rout, with Brent climbing by almost a dollar to above $86 a barrel after positive US data buoyed global financial markets, although market analysts doubted the rally would take it much higher.The global oil benchmark is still headed for its fourth weekly loss in a row, having hit a four-year low on Thursday as excess supply and weak demand from Europe to China pummelled prices.Front-month ...

Russia's Transneft resumes oil flows via ESPO pipeline - agency MOSCOW: Russia's oil pipeline monopoly Transneft has resumed supplies via its ESPO pipeline, Interfax news agency reported on Friday, citing a Transneft official.Transneft halted supplies on Oct. 15 after detecting a flaw in the East Siberia-Pacific pipeline."The defect has been eliminated, pumping was resumed overnight," Interfax cited Igor Demin, an adviser to the company's president as saying.Copyright Reuters, 2014

Oil touches four-year low below $83 as economic worries mount LONDON: Oil fell to a four-year low under $83 a barrel on Thursday, as growing concerns over the global economy and abundant oil supply stretched a four-month rout.U.S. crude inventories rose 8.9 million barrels to 370.57 million barrels, Energy Information Administration data showed on Thursday, far higher than analysts' expectations for a build of 2.8 million barrels.Brent crude for November delivery dropped to $82.60 a barrel in early trading, the lowest since November 2010, and ...

UK gas prices for Friday fall on warmer weekend weather outlook LONDON: British natural gas and power prices largely fell on Thursday as rising temperatures reduced demand and the weak oil market weighed on contracts, although a tight system during the morning did push up prices for delivery within the day.Britain's gas demand was expected to be 212 million cubic metres (mcm) on Thursday, around 5 percent above the seasonal norm, according to National Grid. With flows seen only at 194.4 mcm, the system would be ...


 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln