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Oil surges in about-face as some bet sub-$60 Brent won't last NEW YORK: World oil prices burst nearly 5 percent higher on Wednesday as weeks of nearly non-stop selling abruptly reversed course, with traders betting that a failure to break below key chart support levels signalled a long rout may be running out. The sudden surge came after weekly oil data showed a big build in crude stockpiles at Cushing.When prices failed to make a new low following the bearish data, speculators raced to buy up contracts or take profits on short positions, setting off a frenzy of buying that took on its own momentum. "I think the market, after its freefall, is looking for any reason to spike up. You're going to see volatility here," said Daniel Flynn, energy analyst at Chicago's Price Futures Group. Brent for February delivery was up $1.05 at $61.06 a barrel by 2:37 p.m. EST, after hitting a session high of $63.40. Brent's next technical ...

S&P posts best day since Oct 2013 after Fed NEW YORK: US stocks rallied on Wednesday, giving the S&P 500 its best day since October 2013 as the Federal Reserve gave an upbeat assessment of the economy and said it would take a patient approach toward lifting interest rates. Based on the latest available data, the Dow Jones industrial average rose 288 points, or 1.69 percent, to 17,356.87, the S&P 500 gained 40.14 points, or 2.03 percent, to 2,012.88 and the Nasdaq Composite added ...
Oil falls anew as OPEC emergency meet, output cut ruled out NEW YORK: Crude prices came under renewed selling pressure Monday after OPEC said it would not cut oil output despite fears of a glut, and a UAE official opposed holding an emergency meeting of the producer group to fix prices. Benchmark Brent oil fell to nearly $60 a barrel while US crude appeared to have $55 as its next major test, extending last week's rout that wiped out about $8, or more than 10 percent, ...
Crude's plunge sends global equities tumbling NEW YORK: Crashing oil prices dragged US stocks to one of their worst losses of the year Friday, completing a global rout of equity markets after what has been for many a banner year.Fears that the now-45 percent crash in crude prices could do more harm to many countries, companies and banks than it does help to consumers drove the fall in stocks, on top of the impact it has had on oil industry shares.On ...
Mexico opens first phase of historic oil reform MEXICO CITY: Mexico unveiled Thursday the first phase of its historic opening of the oil sector to foreign investors, pledging transparent auctions in July for 14 shallow-water fields.The bidding rules were made public four months after Congress gave final approval to legislation allowing foreign companies to drill for oil for the first time since 1938."It represents, without a doubt, the coming of a new era in energy in our country. It will be for the ...
US oil output growth to slow as global prices sink TEL AVIV: The United States will continue to boost oil production but falling global prices will slow down the pace, President Barack Obama's chief economic adviser said on Sunday."Even at a lower price of oil we are going to continue to see an increase in the production of oil. It will just increase at a lower rate than it otherwise would have," Jason Furman told Reuters on the sidelines of a business conference in Israel.After ...
Oil drops again on Saudi price cut; Brent below $70 NEW YORK: Oil fell in choppy trading on Thursday as the debate for a sustainable price level continued after Saudi Arabia announced deep discounts for the crude it sells to Asian and U.S. buyers in an apparent attempt to defend its market share.News that Libya's El Sharara oil field, one of OPEC's largest, might be ready to resume output after a pipeline blockage was cleared also weighed on sentiment in an oversupplied market. The El ...


Index Closing Chg%
Arrow DJIA 17,164.95 1.45
Arrow Nasdaq 4,635.24 1.03
Arrow S&P 1,994.99 1.30
Arrow FTSE 6,749.40 0.90
Arrow DAX 10,694.32 0.41
Arrow CAC-40 4,604.25 0.59
Arrow Nikkei 17,674.39 0.39
Arrow H.Seng 24,507.05 0.36
Arrow Sensex 29,182.95 1.68

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln