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Crude oil drops on weak US gasoline demand, Cushing build NEW YORK: Crude oil futures edged lower on Wednesday after a report showed declining US gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma storage hub.In its weekly report, the US Energy Information Administration said US crude oil stocks fell by a greater-than-expected 2.07 million barrels last week, but inventories at Cushing, the delivery point for US crude futures, rose 508,000 barrels.The four-week average for gasoline demand fell by 1.4 percent year-over-year. "The larger-than-expected build at Cushing and decline in gasoline demand are negatives, as is the smallish gasoline drawdown," said John Kilduff, partner at Again Capital LLC in New York. US crude failed to break through Tuesday's lows or highs, testing resistance at both ends in what traders call an "inside day." By 12:49 EDT (1649 GMT), US crude fell 22 cents to $93.64 a barrel after settling 51 cents higher on ...

US oil climbs as traders bet on fall in inventories NEW YORK: Oil prices traded mixed on Tuesday, with New York crude lifted as investors bet on another decline in commercial inventories in the United States, the world's largest oil consumer.US benchmark West Texas Intermediate (WTI) for October delivery gained 51 cents, closing at $93.86 a barrel.Brent North Sea crude for October, the European main contract, slipped 15 cents to $102.50 a barrel in London trade.The WTI crude oil contract gained "in anticipation that US ...
Canada's Ivanhoe Energy to terminate Ecuador contract QUITO: Ecuador's state-run Petroamazonas oil company is in the process of terminating a contract with Canada's Ivanhoe Energy, officials said Monday.Ivanhoe has held a 30-year oil exploration contract in Ecuador's Amazon jungle, at a price of $37 per barrel."We are currently in the process of terminating the contract with Ivanhoe" and "thinking of how to redefine exploration and find more investors," Petroamazonas manager Oswaldo Madrid told the El Comercio newspaper.Pedro Merizalde, the South American country's ...
Oil prices trade mixed NEW YORK: Oil prices traded in a mixed fashion Monday, with little in the way of major news moving the markets.US benchmark West Texas Intermediate for October fell 30 cents to close at $93.35 a barrel on the New York Mercantile Exchange.In London trade, Brent crude for October closed at $102.70, up 41 cents from Friday.The market is "really indecisive today," said Robert Yawger of Mizuho Securities USA, noting "relative weakness in the WTI while ...
US crude falls in light trading on weak economic data NEW YORK: Brent crude oil rose on Monday and US crude fell in light trading, as support from geopolitical tensions in Ukraine and Libya countered ample supplies and anticipated weak demand after a slew of disappointing economic data from the United States and Europe."Liquidity is down because of the holiday in London and the usual August vacation time, And while the market continues to see increasing geopolitical risk in Libya and the Russia, Ukraine situation.Traders ...
Oil prices advance on signs of stronger US demand NEW YORK: Global oil prices rebounded on Wednesday from multi-month lows after a surprisingly big drop in US oil inventories.US benchmark West Texas Intermediate for September delivery jumped $1.59 to $96.07 a barrel on the New York Mercantile Exchange, recovering from a seven-month low hit Tuesday.European benchmark Brent oil for October delivery gained 72 cents to close at $102.28 a barrel in London, rallying from the 14-month low the day before."Crude stocks dropped a lot ...
Oil prices fall, US contract hits January low NEW YORK: World oil prices fell Tuesday , with the New York benchmark below $95 a barrel for the first time since January ahead of the weekly US inventories report and the contract's expiration.West Texas Intermediate (WTI) for delivery in September tumbled $1.93, closing at $94.48 a barrel.In London Brent North Sea crude for October delivery, the key European futures contract, slipped a modest four cents to finish at $101.56 a barrel.Earlier in the session ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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MonthlyJuly-June
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WeeklyOctober 27, 2014
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