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Oil settles lower after large US inventory build NEW YORK: Crude oil prices pared early losses but still settled lower on Thursday after a government report showed the biggest build in US crude inventory in at least 14 years. The spread between WTI and global benchmark Brent widened to as much as $2.53, the most since the settlement on Jan. 7, as US crude tumbled more than 2 percent. US crude closed down $1.47 at $46.31. Brent closed at $48.52 a barrel after falling 51 cents. The Energy Information Administration dropped a bombshell on the markets when it announced a 10.1 million barrel build in US crude inventory, the largest weekly increase in at least 14 years. "The magnitude of the build in crude came as a surprise," said Andrew Lipow, president of Lipow Oil Associates. US crude stocks are now at their highest level for the season in at least 80 years, according to EIA data. Traders ...

Oil price drop leaves Union Pacific cautiously upbeat on economy CHICAGO: The recent drop in oil prices has left No. 1 US railroad Union Pacific Corp cautiously optimistic about US economic prospects for 2015, anticipating a good year for auto sales and consumer spending, with an eye on oil output in North Dakota. Chief Executive Jack Koraleski said the steep drop in the price of oil has so far not affected rail shipments out of the Bakken shale formation in North Dakota. Oil prices have ...
Oil price drop means great opportunity, but don't rush in NEW YORK: Billionaire investor Carl Icahn, whose own portfolio is stocked with oil companies, said on Thursday that he expects the price of oil to fall further but expects it to recover in the future as the demand for oil is bound to increase. "I believe that oil will go lower," he said in an interview on CNBC, calling oil a "great opportunity." But, he added, "I wouldn't rush in now on oil." Crude prices ...
Citgo Petroleum confirms assets no longer for sale HOUSTON: Citgo Petroleum confirmed on Thursday its assets are no longer for sale after parent company PDVSA of Venezuela decided to cancel the offering despite receiving several bids, according to Thomson Reuters IFR. At a conference held for investors, Citgo officials also announced details of a plan to raise $2.5 billion through a mix of bonds and a loan. The money would be transferred to state-run PDVSA, which is suffering a cash shortfall because of ...
Oil falls again as IMF cuts forecast; Iran hints at $25 oil NEW YORK: Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.An expected slide in the U.S. oil rig count in the first quarter compared with the fourth quarter of last year failed to boost sentiment as traders and investors remain glued on concerns of ...
Oil market rebounds, lifted by IEA report NEW YORK: World oil prices rebounded Friday after the International Energy Agency declared there were signs "the tide will turn" in the battered market following recent multi-year lows.The US benchmark futures contract, West Texas Intermediate for February, advanced $2.44 to close at $48.69 a barrel on the New York Stock Exchange.Brent North Sea crude for delivery in March, the European benchmark, settled at $50.17 a barrel in London trade, up $2.50 from Thursday's closing level."The ...
US Cash Products: Gulf gasoline stronger on pipeline scheduling NEW YORK: US Gulf Coast gasoline strengthened on Friday on scheduling day for the latest cycle on the Colonial pipeline, brokers said.A4 CBOB, or conventional regular gasoline blendstock formulated for blending with 10 percent ethanol, traded at a 7.50-cent per gallon discount to February RBOB futures, a penny stronger from Thursday's late trades.Conventional M4 gasoline also strengthened a penny, trading at 5.50 cents under the futures benchmark.A4 and M4 have gained around 7 cents a ...


Index Closing Chg%
Arrow DJIA 17,164.95 1.45
Arrow Nasdaq 4,635.24 1.03
Arrow S&P 1,994.99 1.30
Arrow FTSE 6,749.40 0.90
Arrow DAX 10,694.32 0.41
Arrow CAC-40 4,604.25 0.59
Arrow Nikkei 17,674.39 0.39
Arrow H.Seng 24,507.05 0.36
Arrow Sensex 29,182.95 1.68

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln