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Brent crude oil holds above $48, few analysts see quick recovery SINGAPORE: Brent crude oil futures edged higher on Friday, holding above $48 a barrel as analysts said prices were well supported around current levels, although few expect a strong rebound anytime soon as global output continues to outweigh demand.Benchmark Brent crude futures were trading at $48.38 per barrel at 0802 GMT, up 11 cents since their last settlement. U.S. crude was trading at $46.50 a barrel, up 25 cents."Our forecast seems to point towards a consolidation stage in the weeks to come," Phillip Futures said in a note. "Therefore, we expect crude prices to trade range bound between $44.75-$50.69 for WTI Mar'15 and $46.4-52.89 for Brent Mar'15."Despite the slight price gains, oil was trading in a wobbly market after Switzerland jolted markets already roiled by plunging commodities prices by abandoning its currency cap on Thursday. The move triggered the euro's biggest one-day drop fall against the Swiss franc in history ...

Oil prices rise as IEA says signs of market ‘tide will turn’ SINGAPORE: Brent crude oil futures rose above $49 a barrel on Friday as the IEA said the tide of recent price slumps may turn, although analysts said a strong rebound anytime soon was unlikely as global output continues to outweigh demand.Oil prices have dropped by more than half since last June as production around the world has soared while demand slows, and although the International Energy Agency (IEA) said that a reversal in trend was ...
Asia-Pacific Crude-Sokol premium weakens as oversupply persists SINGAPORE: Spot premiums for Russian Sokol crude weakened in the Asia-Pacific crude market on Friday, weighed by ample supply and low seasonal demand.India's ONGC sold 700,000 barrels of Sokol crude loading March 14-20 to BP in a tender at $3-3.20 a barrel above the Oman/Dubai average, traders said.Last month, ONGC sold Sokol at a premium of around $3.50 a barrel, according to Reuters data.Russia's Surgut offered two cargoes of ESPO crude loading Feb. 28-March 5 ...
Middle East Crude-Murban trades around parity despite OSP cut  SINGAPORE: March Murban crude differentials fell to parity from premiums in the previous month as supply continued to overwhelm the Middle East crude market, traders said on Friday.TonenGeneral and SK Energy bought one Murban each for March loading at about parity to OSP, down from premiums in the previous month, they said.This was despite ADNOC reducing the official selling price (OSP) for its flagship grade.March Banoco Arab Medium flipped into a small premium against OSP ...
Azerbaijan's 2014 oil output down 2.8pc BAKU: Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million tonnes in 2013, a source at the State Statistics Committee said.Falling output at the main Azeri, Chirag and Guneshli (ACG) oilfields has been a cause of concern in Baku.British oil major BP and its partner, Azeri state energy firm SOCAR, tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 ...
Indonesia scraps land tax on oil and gas exploration AKARTA: Indonesia has scrapped a land tax that companies pay while exploring for oil and gas, a move that might encourage exploration at a time of concern that it could fall sharply due to tumbling oil prices.According to a ministerial decree posted on the Finance Ministry's website, the tax office is no longer assessing a 0.5 percent "land and building tax" charged on the area in which companies are carrying out exploration activities, effective from ...
Oil prices edge up in Asian trade SINGAPORE: Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that the OPEC cartel had overproduced in December, while it also cut its global demand outlook.US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 31 cents at $46.56.Brent North Sea crude for March added 20 cents to $48.47. The February contract for Brent fell $1.02 Thursday, its last day of trading.Despite Friday's small gains, ...


Index Closing Chg%
Arrow DJIA 17,387.21 1.65
Arrow Nasdaq 4,681.50 1.89
Arrow S&P 2,029.55 1.34
Arrow FTSE 6,811.61 0.60
Arrow DAX 10,628.58 1.57
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Arrow H.Seng 24,807.28 0.41
Arrow Sensex 29,571.04 1.00

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