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Brent oil slips as US oil inventories hit record NEW YORK: Brent oil slipped on Wednesday after weekly data showed US crude inventories hit a record high, though the futures contract edged back over $109 a barrel and found some support from the ongoing crisis in Ukraine.The 3.5 million barrel build in US crude stocks to 397.6 million barrels, the highest since records began in 1982, did not surprise the market and US crude edged higher after the Energy Information Administration data was issued.Stocks at the Cushing delivery point for the US crude oil contract fell 788,000 barrels to their lowest in almost five years. Falling stocks as the Oklahoma oil storage hub tends to be supportive for US oil prices.Brent crude for June delivery reversed slight gains to trade 24 cents lower at $109.03 by 12:55 p.m. EDT (1655 GMT). It had ended 68 cents, or 0.6 percent, lower on Tuesday in its biggest one-day drop in two ...

US crude prices dive on expectations of supply rise NEW YORK: US oil prices dove on Tuesday on expectations of another increase in the nation's inventories on Wednesday, suggesting tepid demand in the world's biggest crude consumer. New York's main contract, West Texas Intermediate for May delivery, finished at $102.13 a barrel, falling $2.24 from Monday's close.Brent North Sea crude for June settled at $109.27 a barrel, down 68 cents in London.The New York market was under pressure as investors bet the Department of ...
Venezuela aims to boost oil exports to China CARACAS: Venezuela hopes to boost its oil exports to China by more than half to a million barrels a day, President Nicolas Maduro said Monday after talks with Chinese Foreign Minister Wang Yi.The two countries are in talks on investments to achieve this goal, said Maduro, adding "we are going to achieve it."Wang is on a tour of Latin American countries.In 2013 Venezuela exported an average of 626,000 barrels a day of oil to energy-hungry ...
U.S. natgas futures end 1pc lower after touching 2mth high NEW YORK: U.S. natural gas futures ended nearly 1 percent lower on Monday, unable to extend last week's rally that was spurred by the second consecutive bullish weekly storage report.The front-month contract touched a two-month high early in the session on concerns that storage may not fully be refilled before next winter and forecasts for cold weather that will boost some late-season heating demand, further limiting upcoming storage injections.Front-month natural gas futures on the New ...
Oil prices edge higher as Ukraine boils NEW YORK: Oil prices pushed higher in quiet trade Monday, gaining support from the Ukraine crisis following a deadly gunfight over the weekend. New York's main contract, West Texas Intermediate for May delivery, added 7 cents to $104.37.In London, where trade was limited to electronic deals due to the Easter holiday, Brent North Sea crude for June rose 42 cents to $109.65 a barrel.Desmond Chua, market analyst at CMC Markets in Singapore, said trading volumes ...
Petrobras, Mitsui to study LNG import terminal in Brazil's south RIO DE JANEIRO: Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state, Rio Grande do Sul, to supply more fuel for local manufacturers and power generators.Petrobras, as the company is known, announced the plan in a statement late on Tuesday after signing a memorandum of understanding on the project with Mitsui and the government of Rio Grande ...
U.S. crude oil rallies as consumer confidence hits high NEW YORK: U.S. crude oil rose by $1 on Friday as a positive consumer confidence report and high gasoline demand indicated a stronger economy, while Brent was lifted by traders' concerns over tensions between Russia and the West.The International Energy Agency had set a bearish tone for the market earlier in the session after it lowered its global demand forecast for 2014 due to expectations that more Libyan crude will reach the market next week, ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln