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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 close, in London.The market gained support from China, the world's second-largest consumer of crude oil, after official data showed Sunday its trade surplus surged 75 percent in May from a year ago.Chinese exports increased 7.0 percent and imports declined 1.6 percent, resulting in a trade surplus of $35.92 billion."The weekend (Chinese) report comes as a quite unexpected surprise on the upside, underpinning the demand for commodities," said Desmond Chua, an analyst for traders CMC Markets."The ...

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 ...
Oil prices drop on mixed US supply report NEW YORK: Oil prices on Wednesday finished lower after a US energy inventory report showed a drop in crude supplies but higher stocks of gasoline and other refined products.US benchmark West Texas Intermediate for July delivery slipped two cents to $102.64 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for July delivery dropped 42 cents to $108.40 a barrel in London.The US Department of Energy said that American commercial crude stocks fell ...

 



 
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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 25, 2014
Reserves $13.925 bln