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Oil drops on high OPEC output, firmer dollar NEW YORK: Oil settled down as much as 1 percent on Monday, retreating from Friday's sharp rally on a strong dollar and concern over stubbornly high supplies as OPEC was expected to stick with robust production at its meeting this week. The Organization of the Petroleum Exporting Countries pumped a 2-1/2 year high of 31.22 million barrels of oil per day (bpd) in May, a Reuters monthly survey showed. The boost put OPEC production further above its target of 30 million bpd, underlining the focus of top exporter Saudi Arabia and other key members on market share. The group meets on Friday and is expected to maintain its current production policy, keeping the world oil market amply supplied for the foreseeable future."OPEC continues to produce well above target, and also well above demand for its oil," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt. The dollar rose half ...

Oil falls more than 1pc on high OPEC output, firmer dollar NEW YORK: Oil prices fell more than 1 percent on Monday, retreating from the sharp rally of the previous session, on the impact of a strong dollar and worries of stubbornly high supplies as OPEC prepared to meet this week to stick to production targets.The Organization of the Petroleum Exporting Countries pumped at a two-and-a-half year high of 31.22 million barrels of oil per day (bpd) in May, a Reuters monthly survey showed.The boost from ...
Oil up 3pc as dollar rally stalls and US inventories ease NEW YORK: Oil rose 3 percent on Friday, as a rally in the dollar faded and after data from a day ago showed a fourth straight weekly draws in US crude oil stockpiles. But crude prices were still on track to finish the week and the month lower on concerns that the world remained awash in oil.With the Organization of the Petroleum Exporting Countries widely expected not to cut production at its June 5 meeting, ...
Oil ends up in choppy trade after 4th weekly US drawdown NEW YORK: Oil prices rose in choppy trade on Thursday, snapping two days of sharp losses, after data showed a fourth weekly drawdown in US crude stocks. The US Energy Information Administration (EIA) said crude oil inventories fell by 2.8 million barrels last week, ahead of Monday's Memorial Day holiday, which unofficially kicked off the peak summer driving season in the United States. Going by EIA data, it was a fourth straight week of declines ...
Oil down about 3pc again on dollar, awaits supply data NEW YORK: Oil prices fell by up to 3 percent for a second straight day on Wednesday as a resurgent dollar weighed on the market ahead of US inventory data. Gasoline and heating oil fell more than 2 percent each, extending the slide across the fuels complex, on bets that US refineries will be operating at full swing with the end of maintenance season. The dollar soared against major currencies on speculation about the first ...
Oil down on dollar strength; awaits weekly supply data NEW YORK: Oil was under pressure on Wednesday as a resurgent dollar weighed on crude prices ahead of inventory data expected to show whether fuel demand was accelerating with the peak U.S. driving season under way.The American Petroleum Institute (API), an industry group, will issue at 4:30 p.m. EDT (2030) estimates on crude and oil products in storage ahead of Thursday's official data from the U.S. government.Analysts polled by Reuters forecast on the average a ...
US oil to retest support at $57.71 SINGAPORE: US oil is expected to retest support at $57.71 per barrel, with a good chance of breaking below this level and falling further to $57.27.These two levels are identified respectively as the 138.2 percent and the 161.8 percent Fibonacci projection levels of a downward wave 3, the third wave of a bigger wave a that developed from the May 21 high of $60.94.The wave a could eventually travel to $56.57, the 200 percent projection ...

 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln