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Oil prices see small rebound in Asia SINGAPORE: Oil staged a minor rebound on bargain-buying in Asian trade Wednesday following sharp falls that have seen prices hit multi-year lows owing to a supply glut and weak global demand, analysts said.US benchmark West Texas Intermediate (WTI) for November delivery climbed five cents to $81.89 a barrel in late-morning trade and Brent crude for November added 39 cents to $85.43.WTI is still languishing at two-year lows after plummeting 4.5 percent in New York on Tuesday as the International Energy Agency slashed its oil demand forecast in light of slowing economic growth in Asia and Europe.Brent on Tuesday tumbled 4.3 percent to levels not seen since 2010The International Energy Agency said it expects demand to rise by just 700,000 barrels per day to 92.4 million barrels per day this year, 200,000 fewer than its previous growth forecast.Market-watchers have blamed the slump in demand on weak growth in China, the world's ...

Middle East crude softens despite Chinaoil purchases SINGAPORE: The Middle East crude market softened despite continued robust demand from Chinaoil which bought another three physical cargoes on the Platts window on Tuesday.Gunvor and Shell will each deliver an Upper Zakum to Chinaoil while Unipec sold an Oman to its Chinese counterpart, traders said. Chinaoil has bought 22 cargoes on the trading platform this month, including 14 Upper Zakum cargoes, 7 Omans and one Dubai.Asian refiners had raised concerns about the recent strength ...
US oil may break support at $84.21 SINGAPORE: US oil may break support at $84.21 per barrel and fall further towards $81.68 as its consolidation above this support seems to be ending.Support has formed around the 61.8 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the June 20 high of $107.73.The rebound triggered by support failed to extend above resistance at $86.25, the 50 percent level, indicating a prevailing bearish market ...
Brent drops to near $88 in well-supplied oil market SINGAPORE: Brent crude fell to just above $88 a barrel on Tuesday in a well-supplied market as expectations faded that OPEC could cut output and shore up prices. The global oil benchmark has declined more than 20 percent from the 2014 high in June as supplies rose and demand slowed in the United States, Europe and China. Investors expecting a production cut from OPEC to support prices were disappointed as Saudi Arabia and Kuwait played ...
Oil prices hit new multi-year lows in Asia SINGAPORE: Oil prices fell to fresh multi-year lows in Asian trade Tuesday, with analysts blaming concerns about a supply glut and the effects of weaker demand from Europe and China.US benchmark West Texas Intermediate (WTI) for November delivery was down 65 cents at a two-year-low $85.09 in late-morning trade and Brent crude retreated 74 cents to $88.15, its lowest since mid-2010.Both contracts are down about a fifth from their 2014 highs touched in June.Analysts said ...
Asia Pacific crude outlook remains weak SINGAPORE: Demand for Asia-Pacific crude could find some support when trading for December-loading cargoes gains pace this week after Brent's premium to Dubai swaps narrowed, although the overall market outlook remained weak.While Brent crude oil futures fell below $88 a barrel on Monday to their lowest in almost four years, weaker refining margins in Asia are likely to put a lid on demand, traders said."It's a very tricky market. Margins are poor, but flat prices ...
Oil prices down in Asian trade as weak demand weighs SINGAPORE: Oil prices fell in Asian trade Monday on growing concerns about demand as equities tumble on global growth woes and supplies increase.US benchmark West Texas Intermediate for November delivery fell $1.23 to $84.59 -- its weakest for two years -- while Brent North Sea crude lost $1.24 to a four-year low of $88.97."Prospects for global oil demand growth have weakened recently," British bank Barclays said in a market analysis.It said global oil consumption this ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
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WeeklyOctober 27, 2014
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