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Oil prices plunge to fresh five-year low in Asian trade SINGAPORE: Oil prices sank to a fresh five-year low in Asia on Monday after a top OPEC official said the relentless plunge was not just because of a global supply glut.US benchmark West Texas Intermediate for January delivery fell 25 cents to $57.56 while Brent crude for January was down one cent to $61.84 in mid-morning trade.Most oil market observers attribute the price slump to a supply glut -- spurred by rising US shale oil production. But Abdalla Salem el-Badri, the secretary general of the 12-nation Organization of Petroleum Exporting Countries, on Sunday said that was not the sole reason. "We want to know the main reasons that have led to such a drop in oil prices," Badri told reporters at a conference in Dubai. "When we look at supply and demand, there is a rise (in supply) but only a modest one that should not have led to this ...

Brent recovers more than $1, hits $62.95 on strong data hopes SINGAPORE: Oil prices bounced back more than a dollar on Monday, after hitting 5-1/2-year lows of $60.28 earlier in the session, as traders began pricing in expectations of improving manufacturing data to be published later this week. Brent fell as much as 2.5 percent after the International Energy Agency forecast further price falls and OPEC's chief defended the group's decision not to cut its output target. Oil producers group OPEC can ride out a slump ...
Oil slump drags Asian stocks lower, Tokyo leads losses HONG KONG: Asian markets fell Monday as a relentless plunge in oil prices exerted downward pressure, while investors in Japan shrugged off Prime Minister Shinzo Abe's decisive re-election and focussed instead on the faltering economy.Sydney shed 0.89 percent as a hostage crisis erupted in the heart of the city, with terrified people cowering inside a cafe where an Islamic flag was displayed against a window, sparking a security lockdown in an area home to government ...
Thailand's PTT says 2014 profit to be hit by weak oil prices BANGKOK: PTT PCL, Thailand's largest energy firm, warned that its 2014 net profit could be lower than the 94.65 billion baht ($2.9 billion) earned in 2013 due to sharply lower oil prices.State-controlled PTT group, which uses global oil prices as a benchmark for its products, faced a drop in selling prices, while its refinery business would post inventory losses, Wirat Uanarumit, chief financial officer, told reporters on Friday."Our bottom line this year is likely to ...
Brent hits 5-1/2 year low of $63 on supply glut, demand woes BEIJING: Brent crude continued its march downwards on Friday, dropping to a 5-1/2-year low of $63 a barrel for a weekly loss of more than 8 percent, amid persistent concerns over a global supply glut and a bearish demand outlook. The Organization of Petroleum Exporting Countries (OPEC), which accounts for a third of global oil output, cut its 2015 demand forecast this week, to the lowest in more than a decade. "The recent bout of ...
Asia-Pacific Crude: High shipping costs support; Vityaz steady SINGAPORE: Differentials in the Asia-Pacific crude market were supported by high costs of shipping arbitrage cargoes to the region, but upside was limited by still weak demand when trading for February cargoes gains pace next week, traders said on Friday. Spot differentials for Russia's Vityaz grade held steady, after Sakhalin Energy sold two February-loading to customers in China at about $1.50 a barrel above Dubai quotes, a trader said. Last month, the light sweet grade ...
Middle East Crude: Brisk demand support spot differentials SINGAPORE: Spot differentials for February-loading cargoes in the Middle East crude market rose on Friday amid brisk demand after producers slashed official selling prices (OSP), traders said.The premium for Abu Dhabi's flagship Murban grade rose to 30-40 cents a barrel to its OSP, up from a premium of 22 cents earlier this week, traders said. The grade traded close to parity for January.Das Blend rose to a premium of 50-60 cents a barrel to its ...

 



 
Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln