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Oil prices dip on drilling data NEW YORK: Oil prices dipped Monday as worries about oversupply returned to the forefront with US data suggesting petroleum drilling is picking up in some areas.US benchmark West Texas Intermediate for June delivery slipped 14 cents to finish at $59.25 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for delivery in June fell 48 cents to $64.91 a barrel in London. Commerzbank said surging oil prices had "noticeably slowed" the trend of oil companies cutting back on rigs due to a supply glut.The US oil rig count fell by just 11 last week, the smallest decline since early April, and came as some key petroleum basins saw the first rise in the weekly rig count all year, the bank said in a note."It is therefore questionable whether the current oil price level can be maintained," Commerzbank said."After all, by betting that US oil production will fall, many ...

Oil under pressure on signs of US shale oil recovery NEW YORK: Oil came under pressure on Monday on signs a multi-week rally was encouraging a rejuvenation in already bloated U.S. shale supplies.U.S. crude prices gained on a weekly basis for an eighth straight week last week while Brent had its first profit-taking in five weeks.In a sign the market was responding to those gains, rigs for drilling oil in the voluminous Permian shale basin rose for the first time this year after months of ...
Oil falls, heads for weekly loss as ample supply weighs NEW YORK: Brent and US crude futures fell on Friday and headed toward weekly losses as ample supply and bulging inventories continued to keep prices in check after a rally to 2015 peaks earlier in the week. "Though the data showed US crude inventories fell last week, the products inventories were up, so it looks like the crude is just being turned into products," said Dominick Chirichella, senior partner at the Energy Management Institute in ...
Oil dives 3pc on surging dollar, renewed supply worries NEW YORK: Oil prices tumbled 3 percent on Thursday as a resurgent dollar erased gains from the past two sessions, setting the market up for its first weekly loss in five.Traders and investors also returned their focus to the oversupply in crude and gasoline after Wednesday's euphoria over the first U.S. crude drawdown in months.The dollar, on a downtrend since the start of May, jumped on optimism that Friday's U.S. employment report for April would ...
Oil prices hit new 2015 highs as US inventories drop NEW YORK: Oil prices scored new 2015 peaks Wednesday after weekly data showed US commercial crude stockpiles unexpectedly slumped in the first decline in four months.US benchmark West Texas Intermediate (WTI) for delivery in June added 53 cents at $60.93 a barrel on the New York Mercantile Exchange, its highest level since early December.Brent North Sea crude for June, the European benchmark, settled at $67.77 a barrel in London, up 25 cents from Tuesday and ...
Oil hits 2015 peak after first US crude drawdown since January NEW YORK: Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally.The dollar's tumble had also fed the run-up in oil and other commodities, as those raw materials became more affordable for holders of the euro and other currencies.U.S. crude futures rallied more than $2 to the year's high of $62.58 ...
US oil prices rise above $60 on Libya strife NEW YORK: US oil prices shot up above $60 a barrel for the first time this year Tuesday as reports of rising tensions in petroleum-producer Libya fueled bullish momentum.US benchmark West Texas Intermediate for delivery in June jumped $1.47 to $60.40 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for delivery in June advanced $1.12 to $67.52 a barrel in London."It's been strong all day," said John Kilduff, founding partner at ...

 



 
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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