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Oil rallies briefly after Iran seizes cargo ship NEW YORK: Oil prices rallied briefly on Tuesday after reports that Iran had seized a cargo vessel, described initially by Iranian and Saudi media as a U.S. ship, raised geopolitical tensions and concerns about the security of Middle East crude shipments.A weaker dollar was also supportive to the oil market which was down sharply earlier on expectations that industry data due later in the day would show U.S. crude stockpiles at record highs for the 16th consecutive week.Futures of Brent, the more widely-used global oil benchmark, were up 12 cents at $64.95 a barrel by 11:11 a.m. EDT (1511 GMT) after rallying to as high as $65.49.U.S. crude futures were down 10 cents at $56.88 a barrel, after soaring to $57.83 earlier.Iranian forces boarded a Marshall Islands-flagged cargo ship in the Gulf after patrol boats fired warning shots across its bow and ordered it deeper into Iranian waters as it ...

Oil rises after Iran seizure of US vessel NEW YORK: Oil prices turned positive on Tuesday after reports that Iran had seized an US cargo vessel raised geopolitical tensions and concerns about the security of Middle East crude shipments, traders said. Futures of U.K. North Sea Brent, the more widely-used global benchmark, were up 55 cents at $65.38 a barrel by 10:20 a.m. EDT (1420 GMT). US crude futures were up 75 cents at $57.74 a barrel. Iranian forces seized a US cargo ...
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, ...
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 ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln