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Brent crude oil rises above $110 on global growth prospects NEW YORK: Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while US crude rose by nearly $2, as strong Chinese and US data pointed to healthy economic growth and higher demand for oil from the world's top two consumers. China's exports beat forecasts in May on firmer global demand, rising 7 percent from a year earlier and quickening from April's increase of 0.9 percent. The strong gains overshadowed an unexpected fall in imports that could signal weaker domestic demand. Market watchers said US crude's outperformance, in the absence of any clear change in the fundamental picture, could not be sufficiently explained by the Chinese data. "Don't let anyone tell you it's China, or US payrolls," said Stephen Schork, editor of The Schork Report in Villanova, Pennsylvania. "Something's happening and we don't know what it is." Brent rose by $1.38 ...

Oil rallies after encouraging US, China, Japan data NEW YORK: Oil prices rallied sharply Monday, with the US benchmark hitting a three-month high, after positive Chinese, Japanese and US economic data raised expectations for more energy demand.West Texas Intermediate for July delivery leaped $1.75 to close at $104.41 a barrel, the highest close for the benchmark US futures contract since March 3.The European benchmark, Brent North Sea crude for delivery in July, settled at $109.99 a barrel, a gain of $1.38 from Friday's ...
US shale output to rise in July NEW YORK: US oil production from the fastest-growing shale plays is set to rise by some 66,500 barrels per day (bpd) in July, according to Energy Information Administration data issued on Monday.Bakken oil production for July will rise some 19,600 bpd to 1.09 million bpd compared to the month prior, according to the EIA's drilling productivity report.Meanwhile, south Texas Eagle Ford shale production will increase 23,600 bpd to 1.43 million bpd. The Permian Basin in ...
US EPA asks for more time to review Cove Point LNG project WASHINGTON: US environmental regulators have asked for more time to review a liquefied natural gas (LNG) export plant project planned for a site on a bay near Washington, D.C.The Environmental Protection Agency, one of the departments that contributes to assessments of LNG projects, asked the Federal Energy Regulatory Commission (FERC) for a 30-day extension to conduct a review of Dominion Resources Inc's Cove Point liquefaction project in Maryland.FERC, which assesses environmental and safety issues involving ...
Solid US jobs report lifts New York oil price NEW YORK: Oil prices finished evenly mixed Friday, with the main US futures contract getting a boost from a solid US May jobs report that raised expectations for stronger energy demand.The US benchmark, West Texas Intermediate (WTI) for delivery in July, rose 18 cents to finish at $102.66 a barrel.Brent North Sea crude for July fell 18 cents to $108.61 in London.The US jobs report for May came in a hair below expectations but generally ...
Asia Naphtha crack up for first time in 1-1/2 weeks  SINGAPORE: The Asian naphtha crack rose for the first time in about 1-1/2 weeks on Thursday, recovering from a near three-month low to a four-session high of $132.60 a tonne as an outage at a secondary unit in a South Korean plant lifted sellers' sentiment.GS Caltex Corp has unexpectedly shut a 60,000-barrels-per-day (bpd) hydrocracker.Although the shutdown could be brief and last for no more than a week, traders said there could be a possibility the ...
Oil drops back on hopes for an easing of Ukraine tension NEW YORK: Brent and US crude ended lower on Wednesday as hopes that a peace plan from Ukraine's president-elect might help ease the crisis with Russian separatists cooled oil's earlier rally. Rising US distillate stockpiles and weak distillate profit margins in Northwest Europe also helped trigger the reversal by crude futures. Brent crude for July delivery fell 42 cents to settle at $108.40 a barrel.Brent settled back above the 100-day moving average of $100.32, but ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln