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Oil tumbles on Iran, Libya; worry about high supply returns NEW YORK: Brent futures fell 5 percent, its most in a month, on Monday as speculation of a nuclear deal that could lift Iran's sanctions and boost its oil exports brought worries about high supplies back to the market.Rising Libyan crude output and a firmer dollar also weighed on Brent.U.S. crude futures also fell but only slightly, supported by data suggesting a smaller-than-expected build last week in the Cushing, Oklahoma delivery point for oil.Players were also betting the spread between the two oils would narrow after Brent's premium to U.S. crude hit a 13-month high on Friday, market sources said."I think we've been subjected to a reality check after the fake rallies of last week," said Dominick Chirichella, senior partner at the Energy Management Institute in New York. "The reality is there's a huge surplus of oil not only in the United States, but also globally, and it's growing."Brent's front-month ...

Oil prices drop on lofty supplies NEW YORK: Oil prices fell Monday on renewed concerns about excess global supplies, with the European benchmark contract falling especially hard following a surge late last week.US benchmark West Texas Intermediate (WTI) for April delivery dipped 17 cents to $49.59 a barrel on the New York Mercantile Exchange.European benchmark Brent North Sea crude for April delivery dived $3.04 to $59.54 a barrel in London.Tim Evans, energy analyst at Citi Futures, cited a "partial recovery " ...
Brent down 4pc on Iran, Libya; US crude up on spread play NEW YORK: Brent crude tumbled nearly 4 percent on Monday on speculation of a nuclear deal that could boost Iran's oil exports, and U.S. crude rose by almost 2 percent as traders bet the gap between the two would narrow.Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran's nuclear programme could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions on ...
Brent tumbles on Iran, Libya; US crude up on spread play NEW YORK: Brent crude tumbled more than 3 percent on Monday on speculation of a nuclear deal that could boost Iran's oil exports, and U.S. crude rose by around 1 percent as traders bet the gap between the two would narrow.Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran's nuclear programme could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions ...
Brazil's Braskem to sign revised naphtha contract with Petrobras RIO DE JANEIRO: Brazil's Braskem SA, Latin America's largest petrochemical company, said on Friday it had agreed to a revised naphtha supply contract with shareholder Petrobras, staving off a threatened shutdown of its Brazilian plants.The contract with Petroleo Brasileiro SA, as Petrobras is formally known, extends the supply agreement until Aug. 31, 2015, Braskem said in a statement sent to reporters by email.It also said the revised contract will use a price retroactive to March ...
Oil rebounds in volatile trade NEW YORK: Oil prices rebounded Friday at the end of a volatile week of trading as dealers weighed the global supply glut and slow growth in the world economy.US benchmark West Texas Intermediate for April advanced $1.59 to close at $49.76 a barrel on the New York Mercantile Exchange, a day after WTI lost almost $3.In London, Brent North Sea crude for April delivery, the global benchmark, surged to $62.58 a barrel, up a hefty ...
Oil retreats as rising US inventories continue to weigh NEW YORK: Crude oil futures fell sharply on Thursday as rising inventories in the United States pressured both Brent and U.S. contracts and countered expectations for recovering demand.While Brent losses were tempered by those expectations for improving global demand and geopolitical concerns about energy supplies from Libya and Russia, U.S. crude losses more than wiped out Wednesday's gains.Brent April crude fell $1.58, or 2.56 percent, to settle at $60.05 a barrel, off a $62.63 intraday ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
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