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Brent edges further above $61 as companies cut upstream investments SINGAPORE: Brent crude edged further above $61 a barrel on Thursday, after sharply lower prices forced companies to cut upstream investments around the world. Chevron Corp has put a plan to drill for oil in the Beaufort Sea in Canada's Arctic on hold indefinitely, while Marathon Oil cut its capital expenditure for next year by about 20 percent.Canadian oil producers also deepened 2015 spending cuts, as Husky Energy, MEG Energy and Penn West Petroleum joined those hacking back capital budgets in response to tumbling crude prices. Brent this week dipped to its lowest since May 2009 at $58.50 a barrel, falling close to 50 percent since late June due to rising production in the United States, weak economic growth and a decision by OPEC members last month not to cut output. "It looks like investors favour support around $60 a barrel," said Daniel Ang, an investment analyst at Phillip Futures ...

Oil prices mixed in Asian trade SINGAPORE: Oil prices were little changed in Asia Thursday after data showed US stockpiles dipping, while the Federal Reserve indicated interest rates would not be hiked until the middle of next year.US benchmark West Texas Intermediate for January delivery fell 27 cents to $56.20 while Brent crude for February gained two cents to $61.20 in afternoon trade.The price stabilisation in Asian trade follow an advance Wednesday that came after the US Energy Information Administration (EIA) ...
Crude steady above $56/bbl after 1pc gain TOKYO: US crude futures were little changed above $56 a barrel on Thursday following volatile trading the previous day due to bearish US oil data, Russia's rouble crisis and a US decision to resume diplomatic ties with Cuba after 50 years. Copyright Reuters, 2014 ...
US oil may revisit high of $58.98 SINGAPORE: US oil may revisit its Dec. 17 high of $58.98 per barrel, as it has managed to stabilize around a support at $53.69.The support has been identified as the 238.2 percent Fibonacci projection level of a downward wave C that developed from the Sept. 30 high of $94.90. The rebound triggered by this support has easily extended above two resistances, namely $56.22 and $57.77, respectively the 223.6 percent and the 214.6 percent projection levels. ...
Brent oil may approach resistance at $63.52 again SINGAPORE: Brent oil as it seems to have temporarily bottomed around support at $59.25 per barrel, and may approach resistance at $63.52 again to complete the current rebound.Support is at the 200 percent Fibonacci projection level of a downward wave C that developed from the Nov. 21 high of $81.61. The rebound triggered by this support may consist of three waves, so far, only two have completed.The third wave labeled c is expected to travel ...
Sinopec completes 8.2mn bbls commercial crude tanks in Tianjin BEIJING: Sinopec has completed about 8.2 million barrels of commercial crude reserve tanks in Tianjin, according to a report on the Chinese oil major's website on Thursday. Construction of 13 tanks, each sized 100,000 cubic metres, was completed on Dec. 16 at Dagang of Tianjin, the report said. Copyright Reuters, 2014 ...
Asia-Pacific Crude-Feb Chim Sao premiums edge up SINGAPORE: Spot premiums for February-loading Chim Sao edged up in the Asia-Pacific crude market on Wednesday as better refining margins buoyed demand and high freight rates curbed the flow of alternative supply from the Atlantic Basin.PV Oil sold a 300,000-barrel cargo each of Chim Sao to Vitol and BP at about $3 a barrel above dated Brent, traders said, up from $2.50-$2.90 a barrel in the previous month. The cargoes will load on Feb. 11-15 ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln