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US crude down, Brent up as world reacts to Saudi king's death NEW YORK: US crude fell modestly on Friday while global Brent gained support from market uncertainty over the future of Saudi oil production following King Abdullah bin Abdulaziz's death. Reports of a partial shutdown at BP's oil refinery in Whiting, Indiana, added weight to a bearish US market which saw heavy losses a day ago, when the Energy Information Administration announced the largest build in crude inventory in at least 14 years. Brent was up 30 cents at $48.82 by 11:20 a.m. EST (1620 GMT), while US crude fell 21 cents to $46.10.The spread between the two benchmarks widened to as much as $3.27, the largest in 12 days. A refinery disruption "will only exacerbate the situation from storage yesterday," said Bob Yawger of Mizuho Securities USA. "That story even trumps the death of the king of the biggest oil producing country basically in the world." Genscape, an energy industry ...

Brent rises after Saudi king dies, US crude falls NEW YORK: Brent crude rose on Friday on uncertainty over Saudi oil output following the death of King Abdullah, while US crude prices fell, with traders citing a reported build at the Cushing, Oklahoma storage hub and the partial shutdown of an Indiana refinery. Salman, the late king's brother and successor to the throne, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Still, the transition should be bullish ...
Oil settles lower after large US inventory build NEW YORK: Crude oil prices pared early losses but still settled lower on Thursday after a government report showed the biggest build in US crude inventory in at least 14 years. The spread between WTI and global benchmark Brent widened to as much as $2.53, the most since the settlement on Jan. 7, as US crude tumbled more than 2 percent. US crude closed down $1.47 at $46.31. Brent closed at $48.52 a barrel after ...
Oil price drop leaves Union Pacific cautiously upbeat on economy CHICAGO: The recent drop in oil prices has left No. 1 US railroad Union Pacific Corp cautiously optimistic about US economic prospects for 2015, anticipating a good year for auto sales and consumer spending, with an eye on oil output in North Dakota. Chief Executive Jack Koraleski said the steep drop in the price of oil has so far not affected rail shipments out of the Bakken shale formation in North Dakota. Oil prices have ...
Oil price drop means great opportunity, but don't rush in NEW YORK: Billionaire investor Carl Icahn, whose own portfolio is stocked with oil companies, said on Thursday that he expects the price of oil to fall further but expects it to recover in the future as the demand for oil is bound to increase. "I believe that oil will go lower," he said in an interview on CNBC, calling oil a "great opportunity." But, he added, "I wouldn't rush in now on oil." Crude prices ...
Citgo Petroleum confirms assets no longer for sale HOUSTON: Citgo Petroleum confirmed on Thursday its assets are no longer for sale after parent company PDVSA of Venezuela decided to cancel the offering despite receiving several bids, according to Thomson Reuters IFR. At a conference held for investors, Citgo officials also announced details of a plan to raise $2.5 billion through a mix of bonds and a loan. The money would be transferred to state-run PDVSA, which is suffering a cash shortfall because of ...
Oil falls again as IMF cuts forecast; Iran hints at $25 oil NEW YORK: Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.An expected slide in the U.S. oil rig count in the first quarter compared with the fourth quarter of last year failed to boost sentiment as traders and investors remain glued on concerns of ...


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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