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Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications the OPEC cartel will cut its production target next year. US benchmark West Texas Intermediate (WTI) for October delivery fell 12 cents to $94.76 while Brent crude for November eased eight cents to $98.97 in afternoon trade. WTI jumped $1.96 on Tuesday while Brent gained $1.17."We are seeing some consolidation in the oil market in Asian hours after news of the OPEC production cut led to gains overnight," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.In comments widely reported Tuesday, Abdullah El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said he expected the cartel to trim output in 2015 by about 500,000 barrels per day to 29.5 million. The cartel is due to hold its next production meeting in Vienna ...

US oil to gain more to $96.09 SINGAPORE: US oil is expected to gain more to $96.09 per barrel, as it has cleared a resistance at $93.93.The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25 to the Sept. 11 low of $90.43. The next resistance will be at $96.09, the 38.2 percent retracement.The current rebound may end around $96.09, to be followed by a drop towards $93.93, as the downtrend from ...
Brent oil may rise more to $100.80 SINGAPORE: Brent oil may break a resistance at $99.05 per barrel and rise more to $100.80, as indicated by a Fibonacci retracement analysis.The current rebound from Sept. 15 low of $96.21 could be against the downtrend from the June 23 high of $115.66. The Fibonacci retracement on the trend reveals a minimum rebound target at $100.80, the 23.6 percent retracement.The immediate resistance is at $99.05, the 14.6 percent level, which seems to have temporarily stopped ...
Brent keeps gains, stays near $99 on OPEC output cut talk SINGAPORE: Brent crude steadied below $99 per barrel on Wednesday, after staging its steepest climb in two weeks in the previous session, on hopes the Organization of the Petroleum Exporting Countries (OPEC) will cut output and reduce a global supply glut. The European benchmark sank to a 26-month low this week on continued worries about rising supplies and slower demand growth in China and Europe, but prices rose on Tuesday after OPEC's secretary general Abdullah ...
Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications that the OPEC cartel will cut its production target next year. US benchmark West Texas Intermediate (WTI) for October delivery fell 11 cents to $94.77 while Brent crude for November eased 13 cents to $98.92 in mid-morning trade. WTI jumped $1.96 on Tuesday while Brent gained $1.17."We are seeing some consolidation in ...
Azeri oil exports decline 1.8pc in Jan-Aug 2014 BAKU: Azerbaijan's oil exports fell 1.8 percent year on year in the first eight months of 2014, a source at the State Statistics Committee said on Tuesday, driven by declines at fields operated by BP.The committee source said Azerbaijan exported 22.788 million tonnes of oil, down from 23.155 million in the same eight months last year.Falling output at the main Azeri, Chirag and Guneshli (ACG)oilfields has raised concerns in Baku.BP and its partner, Azeri state ...
Middle East crude: Al-Shaheen discounts widen in Nov SINGAPORE: Heavy sour al-Shaheen came under pressure in the Middle East crude market on Tuesday as November cargoes were sold at wider discounts amid plentiful supply.Excess crude supply weighed heavily on the market, giving buyers the upper hand in November negotiations. A recovery in refining margins in Asia failed to lift prices.Ahead of Tasweeq's tender, Maersk and Unipec sold five cargoes of al-Shaheen at discounts between $2 and $2.50 a barrel to Dubai quotes, wider ...

 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln