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Oil bucks downtrend to eke out small gain NEW YORK: Oil prices rose slightly on Friday, bouncing from near four-year lows even while marking a fourth straight weekly loss, as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk. Oil has dropped over 25 percent since June on strong supply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a limited appetite to cut output to bolster prices. "It's corrective," said Andy Lebow at Jefferies LLC. After a violent $15-a-barrel swing in just two weeks, the market is likely to test lows again before it's clear that a true bottom was hit," he said. "You can't say that the downtrend is definitively over." Brent for December rose 34 cents to settle at $86.16 a barrel. The November Brent contract expired on Thursday. US November crude, rose 5 cents to settle at $82.75, its ...

Oil hedging surge flips long-dated WTI into rare contango NEW YORK: Long-term US crude oil markets flipped into contango this week for the first time in years, as the dizzying descent in prices unleashed a wave of hedging by oil producers fearing prices may not stay above $80 a barrel for long.Contango, in which longer-dated futures are more expensive than near-term contracts, has yet to take hold at the prompt end of the oil futures curve, from the front month, November 2014, well into ...
Saudi price war should fuel drive for US crude exports NEW YORK: Saudi Arabia's move to keep crude oil production high, fueling a steep global price slump, may have an unexpected consequence: intensifying the campaign by U.S. producers to scrap Washington's decades-old ban on exports of domestic crude.Global oil prices plummeted nearly 5 percent on Tuesday to their lowest since 2010, as OPEC's core members showed no sign of intervening to support the market. Amid talk of a price war, Iran, generally a price hawk, ...
US bid for oil supremacy shakes crude market NEW YORK: Propelled by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.The US, which only a few years ago seemed to be in the midst of an inexorable decline in domestic petroleum production, may have already overtaken other petroleum giants.In terms of crude alone, the US pumped 8.8 million barrels a day in September, still a ...
Venezuela fined $1.6bn for taking ExxonMobil assets NEW YORK: A World Bank arbitration panel Thursday ruled that the Venezuelan government must pay ExxonMobil $1.6 billion to compensate for taking control of the US firm's heavy-oil project in the country.A three-member arbitration panel for the Washington-based International Centre For Settlement of Investment Disputes (ICSID) unanimously granted the award to the biggest US oil company following the June 2007 expropriation of the Cerro Negro project in Venezuela, a heavy-oil region known as the Orinoco ...
Brent, US oil fall on strong dollar, continue steep decline NEW YORK: Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and U.S crude also fell as both benchmarks headed for the deepest quarterly drop in more than two years.The dollar surged to a four-year high against a basket of currencies and a two-year high against the euro, making oil more expensive for holders of other currencies.Brent for November delivery was down 97 cents at $96.23 per barrel ...
TSX drops on Hong Kong protests; Encana rises on deal TORONTO: Canada's main stock index dropped on Monday, with every major sector lower, as anxiety over democracy protests in Hong Kong rekindled the bearish sentiment that swept the market last week.One bright spot amid a sea of red was Encana Corp, whose shares jumped 3 percent after the company said it agreed to buy Fort Worth, Texas-based Athlon Energy for $5.93 billion in cash.Hong Kong protesters defiantly stood their ground on Monday in the face ...

 



 
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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
WeeklyOctober 20, 2014
Reserves $13.436 bln