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Oil extends losses over weak price outlook SINGAPORE: Oil moved lower in Asian trade Tuesday after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to $80.54 while Brent crude for December eased 59 cents to $85.24 in mid-morning trade. "We continue to see oil prices drift lower, and with nothing significant happening, the Goldman report is still on investors' minds," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP. Goldman on Monday said it expects WTI to sink to $70 a barrel by the second quarter of next year before rising back to $80 in 2016. That was $15 a barrel lower than its previous forecast.The Wall Street giant's outlook on Brent is for it to fall to as low as $80 by the second quarter, staying weak through 2015 before returning to $90 ...

US oil to test support at $79.78 SINGAPORE: US oil is expected to test a support at $79.78 per barrel, a break below which will lead to a further loss to $78.The support was formed around the Oct. 16 low, temporarily holding oil from falling towards $78, another support provided by the lower channel line of a falling channel.Even though it is hard to categorise the fall from the Oct. 21 high of $84.05, a preceding downtrend from the Sept. 30 high ...
Brent oil to fall towards $82.87 SINGAPORE: Brent oil is expected to fall towards support at $82.87 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis.Support is provided by the 86.4 percent Fibonacci projection level of a downward wave C that developed from the June 19 high of $115.71. It has triggered a rebound, which has been limited around resistance at $86.67, the 76.4 percent level.The rebound has been driven by a wave 4, the fourth wave ...
Brent drops below $86 after Goldman cuts price forecasts TOKYO: Brent crude futures fell below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for US oil in the first quarter of next year by $15.The US investment bank said in a research note on Sunday that it had cut its forecast for West Texas Intermediate to $75 a barrel from $90 and that for Brent to $85 from $100, with rising production in non-OPEC countries outside ...
Oil mixed in Asian trade SINGAPORE: Oil was mixed in Asian trade Monday but remained subdued with no signs the world's key crude producers will cut output in the face of a supply glut, analysts said.US benchmark West Texas Intermediate for delivery in December was up one cent to $81.02 a barrel in late-morning Asian trade, reversing earlier losses, while Brent crude for December eased 25 cents to $85.88.Both contracts were down Friday, resuming their slide following a rebound the ...
Middle East Crude: Dubai strengthens on Chinaoil buying SINGAPORE: The Dubai price flipped to a premium in the Middle East crude market on Friday after Chinaoil increased buying, while differentials for Murban weakened.Chinaoil, the trading arm of PetroChina, bought a total of 74 partials at around $84.30 a barrel, equivalent to about 24 cents above Dubai swaps.Aggressive buying by Chinaoil this month has strengthened the cash Dubai price, pushing spot differentials for Upper Zakum, Oman and Al-Shaheen to multi-month highs.There has been strong ...
Brent slips towards $86 on Ebola case, set for 1st weekly gain in 5 SINGAPORE: Brent reversed sharp overnight gains and fell towards $86 a barrel on Friday as investors' risk appetite took a hit from news that a doctor in New York City tested positive for Ebola.The first confirmed case in America's largest city has renewed fears about the spread of the virus, prompting a tumble in US stock futures, while Asian shares also lost ground."Such news is not good for risk assets, with investors looking for a ...

 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln