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US oil to test resistance at $105.16 SINGAPORE: US oil is expected to test a resistance at $105.16 per barrel, a break above which will lead to a further gain to $106.The sharp surge on June 9 indicates an extension of the uptrend from the May 1 low of $98.74. Driven by a powerful wavec, this trend is capable of extending to $107.36, the 100 percent Fibonacci projection level, based on the length of the preceding wave a that developed at $98.74 and peaked at the May 27 high of $104.50.The immediate resistance is at the 61.8 percent projection level of $105.16, which will temporarily block the way towards the 76.4 percent level of $106. Most likely, oil will start a shallow correction towards $104.30, a trendline support, when it reaches $105.16.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 ...

Brent oil faces resistance at $110.27 SINGAPORE: Brent oil faces resistance at $110.27 per barrel and may retrace to $109.79.The resistance is provided by the 76.4 percent Fibonacci retracement on the fall from the May 22 high of $111.04 to the June 5 low of $107.77.Given that the rise from the June 6 low of 108.46 looks too linear to sustain, chances are, a correction may be triggered by the resistance, towards the 61.8 percent retracement at $109.79.A break above $110.27 ...
Brent rises above $110 after best day in two months on demand hopes SINGAPORE: Brent futures rose above $110 a barrel on Tuesday, after posting their biggest daily gain in nearly two months in the previous session, on hopes of healthy demand growth from the United States and China - the world's top two oil consumers. China's central bank cut the level of reserves banks must hold for those that have sizeable loans to the farming sector and small- and medium-sized firms, helping support the economy. Oil also ...
Middle east crude Qatar raises OSP; August cargoes seen at discount SINGAPORE: The Middle East crude market held steady on Monday as traders looked ahead to next week when trade in August-loading cargoes will begin.Most Middle East producers have raised their official selling prices (OSP) this month amid a stronger Dubai market as steeper backwardation signalled stronger prompt demand.The latest producer to do so was Qatar, setting the May retroactive OSP for its Marine crude at $106.45 a barrel, up $1.25 a barrel from the previous ...
US oil to retrace to $102.28 SINGAPORE: US oil faces a resistance at $103.05 per barrel, and may retrace to a support at $102.28 again.The resistance is provided by the 50 percent Fibonacci retracement on the fall from the May 27 high of $104.50 to the June 5 low of $101.60. It has triggered a correction to the 23.6 percent level at $102.28.However, the correction seems to be incomplete, as it may consist of three waves, so far, only two waves ...
Oil prices up in Asia SINGAPORE: Oil prices rose in Asian trade Monday, boosted by robust Chinese export data and a solid US jobs report that boosted hopes for a pick-up in demand, analysts said.US benchmark, West Texas Intermediate for July delivery, gained 20 cents to $102.86 a barrel in afternoon trade, while Brent North Sea crude for July rose eight cents to $108.69.China's trade surplus surged in May, official data showed Sunday, as export growth accelerated sharply while imports ...
South Korea KNOC seeks gasoline, diesel for low-cost gas stations SEOUL: South Korea's state-run oil firm, Korea National Oil Corp (KNOC), and National Agricultural Cooperative Federation are jointly seeking gasoline and diesel via tenders to supply petrol stations that undercut pump prices, KNOC said on Monday. Asia's fourth-largest economy, which depends heavily on oil imports, aims to use such tenders to curb inflation by helping around 1,000 low-cost private and public gas stations sell more cost-competitive fuel than stations run by refiners. The tenders set ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln