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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 Sharara produced 300,000 barrels per day before it closed last month following clashes between armed groups.Losses in oil and other dollar-denominated commodities were capped, however, by a weaker U.S. dollar against the euro amid uncertainties on whether the European Central Bank would introduce fresh stimulus into the euro zone economy.Benchmark North Sea Brent crude was down 80 cents at $69.12 a barrel by 11:15 a.m. EST (1615 GMT), after trading in a wide band of ...

Oil price collapse roils US junk bond funds BOSTON: Collapsing energy prices have hit hard US corporate junk bond funds, putting them on track for their worst performance in six years by squeezing the exploration and drilling companies that have been among most active issuers of high-yield debt.US funds have played a big part in bankrolling the US shale boom, gobbling up billions of dollars of junk-rated debt issued by energy companies to rapidly expand production. But in recent weeks, prices of some ...
Oil jumps as much as 5pc from 5-year low; focus on shale NEW YORK: Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high US shale output blamed for the global oil glut may be shrinking. A weaker dollar, which makes commodities denominated in the greenback more affordable to holders of other currencies, also fueled buying in oil and other natural resource markets, traders said. Benchmark Brent crude oil settled ...
Low oil price won't deter Chevron from new projects in Mexico MEXICO CITY: Slumping international crude oil prices will not play a major role for US oil major Chevron Corp as it determines future investment opportunities in Mexico's newly opened energy sector, a top company executive said on Monday. Crude oil markets have in recent days been hovering near five-year lows, with benchmark Brent crude dipping below the $70 per barrel level on Monday before recovering slightly. "That doesn't play a significant role in our long-term ...
Oil rebounds from five-year low; focus on US shale NEW YORK: Crude oil markets rose on Monday after hitting a five-year low, rebounding after data suggested that tumbling prices may have started to affect drilling activity in the fast-growing U.S. shale oil industry.A weaker dollar, which makes commodities denominated in the greenback more affordable to holders of other currencies, also enticed buying in oil and other natural resource markets, traders said.Benchmark Brent crude oil was up $1.15, or 1.7 percent, at $71.30 a barrel ...
OPEC decision knocks oil down, dollar gains NEW YORK: Crude oil tumbled on Friday, knocking down both energy-related shares and currencies after OPEC's decision a day earlier not to cut output reinforced prospects of a worldwide oil supply glut.The dollar mostly strengthened following the decision by the Organization of Petroleum Exporting Countries on Thursday, a move that slammed commodity currencies like the Norwegian crown, which fell to five-year lows against the greenback and the euro. The ruble weakened to more than 50 ...
US crude down 10pc post-OPEC, Brent breaks below $70 NEW YORK: US crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor. "I see little reason to buy oil now. I think people are either going to drive it down further or just let the market collapse," said Tariq Zahir, managing ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln