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Oil prices up after Obama authorises Iraq air strikes SINGAPORE: Oil prices rose in Asia Friday after US President Barack Obama said he had authorised air strikes against Sunni extremist militants in key crude producer Iraq. US benchmark West Texas Intermediate for September delivery rose 35 cents to $97.69 while Brent for September gained 67 cents to $106.11 in mid-morning trade.Obama in an address late Thursday said he ordered the air strikes to prevent "genocide" by the so-called Islamic State fighters against the besieged Yazidi minority in Iraq's north. "I therefore authorized targeted air strikes if necessary to help forces in Iraq as they fight to break the siege and protect the civilians trapped there," Obama said.He did not say whether air strikes have already been carried out.Desmond Chua, market analyst at CMC Markets in Singapore, said the development could add "significant risk premium to oil prices" as dealers worry about potential supply disruptions. "The announcement certainly edges up ...

Brent rises more than $1 to near $107 as US approves air strikes on Iraq SINGAPORE: Oil prices on both sides of the Atlantic rose more than $1 on Friday, with Brent nearing $107 a barrel after the United States approved air strikes against militants in Iraq, raising the threat of oil disruptions from the key oil producer.Prices were also supported by data showing China's exports jumped 14.5 percent in July.President Barack Obama said he had authorized limited use of American air power on advancing militants in northern Iraq to ...
China July crude oil imports down 9pc on year BEIJING: China's crude imports fell 9 percent in July from a year ago, hitting the lowest daily level since March, after subdued demand growth had led to speculation earlier this year of stockpiling by the world's largest energy consumer.The International Energy Agency (IEA) last month revised down its forecast for growth in China's oil demand in 2014 to 3.3 percent, while imports rose 7.2 percent over the first seven months of the year.China's crude imports ...
Middle East crude Oman improves despite gloomy outlook SINGAPORE: The Middle East crude market strengthened on Thursday, with DME Oman back at a premium to Dubai, although ample supply and weak margins continued to weigh on sentiment."There are currently no bullish signs," a trader said. "We'll have to see if it can rise further."Crude supply to Asia has increased as a drop in Brent's premium to Dubai has opened the arbitrage window for inflows of grades from other regions such as Africa and ...
Asian markets mostly dip, as European woes grow HONG KONG: Asian stocks mostly dipped Wednesday, as concerns over the European economy and international conflicts grew.Traders said sentiment had also been hit by news that several huge mergers had collapsed, including 21st Century Fox's bid for Time Warner and that of Japanese-controlled US wireless operator Sprint for T-Mobile."A perfect storm of low volumes, geopolitical worries and pulled mergers is conspiring to keep markets on the back foot," said Chris Beauchamp, market analyst at IG ...
Oil prices down in Asian trade SINGAPORE: Oil prices fell further in Asia Thursday on ebbing fears about armed conflicts around the world and concerns about weakening US demand, analysts said. US benchmark West Texas Intermediate for September delivery dipped 24 cents to $96.68 in late-afternoon trade, after falling 46 cents in New York to its lowest closing level since February 3. Brent crude for September eased eight cents to $104.51. "Fears that the crises in the Middle East and Ukraine ...
India Essar to shut 40,000 bpd crude unit for 7 days in Aug second half NEW DELHI: India's Essar Oil will shut a 40,000-barrel-per-day unit at its Vadinar refinery for a week for maintenance in the second half of this month, a company spokesman said on Thursday. Essar operates a 400,000-barrel-per-day refinery at Vadinar in the western state of Gujarat. "Our smaller CDU will go under maintenance shutdown in the fourth or the fifth week this month for about seven days. Our crude throughput during the maintenance period will be ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln