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Oil surges as Saudi resumes Yemen strikes NEW YORK: Global oil prices advanced Thursday as the Saudi Arabia-led coalition renewed airstrikes in Yemen, stoking new supply concerns about the crude-rich Middle East.US benchmark West Texas Intermediate for June delivery gained $1.58 at $57.74 a barrel on the New York Mercantile Exchange.Brent North Sea crude for June delivery, the global benchmark, advanced $2.12 to $64.85 a barrel."The market may be drawing support from Saudi Arabia's resumption of airstrikes against Huthi rebels in Yemen, with an increased geopolitical risk premium helping to offset weaker-than-expected PMI data from both China and the eurozone," said Tim Evans of Citi Futures.The Saudi-led regional alliance declared Tuesday an end to the airstrikes against the Iran-backed Huthi rebels and their allies, but vowed to keep hitting them with targeted bombing when necessary.Yemen is not a major oil-producing country, but its coast forms one side of the Bab el-Mandeb Strait, the key strategic entry point ...

Oil hits 2015 high on Yemen worry; US gasoline at Nov peaks NEW YORK: Crude oil prices settled up 3 percent on Thursday, hitting 2015 highs, while U.S. gasoline reached 5-month peaks after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies.Oil buyers also stoked the rally with bets that U.S. crude output will shrink further after two straight weeks of declines.The weak dollar also supported oil and other dollar-denominated commodities. The euro gained ...
Brent up on more Yemen bombing; US crude dips after stock build NEW YORK: Oil prices diverged on Wednesday with Brent closing up on renewed fighting in Yemen while U.S. crude fell after another weekly rise in inventories despite slower production.Futures of U.K. North Sea Brent, the more globally used benchmark for crude, settled up 1 percent as warplanes from a Saudi-led coalition bombed Yemen a day after Riyadh said it was ending air strikes against Iranian-allied Houthi rebels there.In New York, U.S. crude futures closed nearly ...
US crude oil inventories rise as refiners pare record runs NEW YORK: US crude stocks rose nearly twice as much as expected last week as refineries cut output from a seasonal record high, while gasoline stocks unexpectedly fell and distillate inventories rose, data showed on Wednesday. Crude inventories rose by 5.32 million barrels to 489 million in the last week, according to data from the Energy Information Administration (EIA), compared with analysts' expectations for an increase of 2.9 million barrels. It was the 15th consecutive ...
Canada's oil sands determined to weather price plunge CALGARY: Falling oil prices have slowed the phenomenal expansion of Canada's oil sands extraction trade but the industry remains optimistic it is only a temporary setback.The price of oil fell $60 from June 2014 to January 2015, resulting in a massive budget deficit for the Canadian province of Alberta which will receive Can$7 billion (US$5.7 billion) less in energy royalties this year, forcing the local government to hike taxes and cut services for the first ...
Oil ebbs from 2015 high; OPEC reports jump in output NEW YORK: Global oil prices edged back from a 2015 high on Thursday as traders took some profits from a weeks-long rally and the Organization of the Petroleum Exporting Countries reported a sudden surge in March production.U.S. crude retraced some of the previous day's nearly 6 percent gains that followed government data showing the smallest weekly inventory build since the week ending Jan. 2, suggesting that months of oversupply may be starting to ease.But on ...
Oil turns higher, rallies to 2015 high on Yemen conflict NEW YORK: Crude oil prices jumped to fresh 2015 peaks on Thursday, turning higher on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen.The terminal is one of the major hubs for the Hadramout region exporting an average of 120,000 to 140,000 barrels per day (bpd) of crude from fields in the area.While a relatively minor oil producer, Yemen's escalating conflict raises ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln