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US oil's target at $104.99 aborted SINGAPORE: A bullish target at $104.99 per barrel has been aborted for US oil as it retraced to about $103.52 after breaking above this former resistance.Resistance was provided by the 76.4 percent Fibonacci retracement on the fall from the April 16 high of $104.99 to the May 1 low of $98.74. The retracement from the May 21 high of $104.29 indicates an exhaustion of the current uptrend which may fail to extend to $104.99.The bearish divergence on the hourly MACD suggests a further downside. The 61.8 percent level at $102.60 will be targeted should oil fall below $103.52.The target at $104.99 will only be resumed when oil climbs above $104.29.The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products ...

Oil prices up in Asian trade SINGAPORE: Oil prices inched higher in subdued Asian trade on Friday, gaining a measure of support from lingering concerns over tensions in Ukraine and Libya. The US benchmark, West Texas Intermediate (WTI) for delivery in July, rose seven cents to $103.81 per barrel in afternoon trade. Brent North Sea crude for July delivery gained four cents to $110.40.French bank Credit Agricole said "a quiet market is expected ahead of the weekend", with investors keeping an ...
Brent steady above $110 on China PMI, lower US stocks SINGAPORE: Brent crude steadied near a 2-1/2 month high above $110 a barrel on Thursday, supported by a large draw in US crude stocks and signs of improvement in China's manufacturing growth. China's factory sector turned in its best performance in five months in May, a preliminary HSBC survey showed, suggesting a brighter outlook for demand in the world's No.2 oil consumer. "This is positive for oil markets, because better-than-expected factory orders will increase demand ...
Crude prices eased in Asia SINGAPORE: Oil prices slipped in Asian trade Thursday following healthy gains in London and New York, but losses were limited as investors were cheered by signs of a recovery in China's manufacturing sector.The US benchmark, West Texas Intermediate (WTI) for delivery in July, eased seven cents to $104.00 in afternoon trade, after jumping $1.74 to close at a one-month high Wednesday.Brent North Sea crude for July was down three cents at $110.51. The contract gained ...
China and Russia sign huge gas deal: CNPC SHANGHAI: China and Russia agreed a huge gas supply contract in Shanghai on Wednesday, after a decade of talks on the multi-billion-dollar deal, Chinese state energy giant CNPC said.The contract signatures were witnessed by Chinese President Xi Jinping and visiting Russian leader Vladimir Putin, CNPC said in a statement."This is another major milestone achievement in China-Russia energy strategic cooperation," it said.Russia has vast energy reserves and China is constantly seeking resources to power the growth ...
Brent climbs towards $110 on US stock draw, Libya violence SINGAPORE: Brent futures edged higher towards $110 per barrel on Wednesday, supported by industry data showing an unexpected draw in US crude inventories and new violence in OPEC oil producer Libya. US crude stocks fell last week as refineries boosted output, while gasoline inventories increased and distillate stocks built, data from industry group the American Petroleum Institute showed.Investors will now be watching closely to see if official data from the US Department of Energy's Energy ...
China Sinopec, US Weatherfod in oil service jv BEIJING: China's Sinopec Group said on Wednesday it has agreed with US-listed Weatherford International to form a joint venture oilfield service company. The joint entity aims to marry Weatherford's technological and management know-how with the Chinese oil major's ability to expand its upstream business, including in the country's potentially vast shale gas fields, industry officials have said. Reuters reported last August that the companies were in advanced discussions to establish such an operation. Copyright Reuters, ...


Index Closing Chg%
Arrow DJIA 17,265.99 0.64
Arrow Nasdaq 4,593.43 0.68
Arrow S&P 2,011.36 0.49
Arrow FTSE 6,819.29 0.57
Arrow DAX 9,798.13 1.41
Arrow CAC-40 4,464.70 0.75
Arrow Nikkei 16,067.57 1.13
Arrow H.Seng 24,168.72 0.85
Arrow Sensex 27,112.21 1.81

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln