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Middle East crude Dubai slumps as Chinaoil scales back purchases  SINGAPORE: Dubai slipped into wider discount on Tuesday in the Middle East crude market as Chinaoil scaled back purchases.The trading arm of PetroChina bought just three Dubai partials from Gunvor, Shell and Unipec at $83.10 a barrel, equivalent to about 86 cents below Dubai swaps.The discount is the widest since the start of Chinaoil's buying spree this month which has led to the delivery of 36 cargoes or 18 million barrels of Upper Zakum, Oman and Dubai.The weaker Dubai is likely to buoy refining margins although it might not entice Asian refiners to buy more spot crude as they try to keep inventories low at the end of the year for accounting purposes.A glut in fuel supply has also capped run rates at North Asian refineries despite the approach of a peak demand season in winter.One North Asian refiner said it expects to lower run rates in the fourth quarter ...

Falling global crude prices bolster India's economic outlook NEW DELHI: Falling crude oil prices have helped Indian lawyer Pratik Mehra get off the bus and back behind the wheel of his car, cutting his travel time to work by a third.In China, a short hop across the Himalayas, slumping consumer demand has sparked fears of deflation as it wrestles with flagging global economic growth.But in India, lower prices are allowing consumers like Mehra who drive much of the economy to open their wallets ...
Oil prices mixed as caution returns SINGAPORE: Oil prices were mixed in Asian trade Tuesday as caution returned after a weak rally spurred by upbeat industrial production data from China, the world's top energy consuming nation, analysts said.US benchmark West Texas Intermediate for November delivery advanced 30 cents to $83.01 a barrel in afternoon trade, but Brent crude for December reversed earlier gains and fell three cents to $85.37.Daniel Ang, investment analyst with Phillip Futures in Singapore, said investors were cheered ...
Brent extends gains at above $85 as China oil demand rises SINGAPORE: Brent edged up on Tuesday, holding above $85 a barrel as robust China oil demand supported prices, although gains were capped by oversupply and lingering fears of a weak global economy. Implied oil demand at the world's largest energy consumer jumped 6.2 percent in September from August to 10.3 mln barrels per day, the highest since February, as crude throughput and imports reached their second-highest level this year amid a continued stockbuild. Front-month Brent ...
China Sept crude oil throughput climbs 9.1pc on year BEIJING: China's refinery throughput rose 9.1 percent in September from a year earlier to 42.0 million tonnes, or 10.22 million barrels per day (bpd), data from the National Bureau of Statistics showed on Tuesday. The daily run rate is up 4.8 percent compared with the 9.75 million bpd recorded in August.Copyright Reuters, 2014 ...
Oil prices up on China industrial output data SINGAPORE: Oil prices rose in Asian trade Tuesday, buoyed by strong industrial production data from China, the world's top energy consuming nation, analysts said.US benchmark West Texas Intermediate for November delivery advanced 17 cents to $82.88 a barrel in late-morning trade and Brent crude for December added four cents to $84.44.Daniel Ang, investment analyst with Phillip Futures in Singapore, said investors were cheered after China said industrial production, which measures output at factories, workshops and ...
Middle East crude slumps as sellers depress market SINGAPORE: December differentials for DME Oman and Dubai slumped into discounts in the Middle East crude market on Monday despite continued buying by Chinaoil on the Platts window."Chinaoil didn't appear on the bid side, it only came out to lift the offers," a trader with a Western firm said."So the sellers offered it down."Shell and Gunvor will deliver an Upper Zakum cargo each to Chinaoil while Unipec sold an Oman cargo following Monday's trade.The market ...

 



 
Index Closing Chg%
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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 20, 2014
Reserves $13.436 bln