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Oil rallies to $60, heads for 4th weekly fall on glut LONDON: Brent crude oil rose to around $60 a barrel on Friday, rallying from near a 5-1/2-year low as investors squared books ahead of the year-end festive break after six months of falling prices. Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production despite a huge global overhang of supply. Brent and the US crude oil benchmark have almost halved in value since June and many investors expect further falls unless supply tightens or demand picks up. Brent for February was up 80 cents a barrel at $60.07 by 1220 GMT. The contract settled down $1.91 on Thursday, after trading as high as $63.70 a barrel. US crude was up 80 cents at $54.91. Tamas Varga, oil analyst at London brokerage PVM Oil Associates, said some investors were covering short sales and preparing to enter the holidays without ...

Oil price bloodbath to spark energy sector buying spree LONDON: Large oil companies flush with cash are expected to seize on the recent collapse in oil prices to begin a shopping spree for smaller rivals, focusing on oil producers and explorers in Africa, Asia and the United States. With benchmark Brent crude prices nearly halving over the past six months to $60 a barrel, energy companies have also seen their share prices tumble and are already adjusting the value of their assets and cutting ...
Statoil finds more oil near earlier discoveries OSLO: Norwegian energy firm Statoil made a small oil discovery at the Krafla North prospect in the North Sea, near earlier discoveries, Det norske , a partner in the find said on Friday.The find at Krafla North totals between 6 and 19 million barrels of oil equivalents (mmboe), Det norske said in a statement."The partners ... will evaluate the discovery in connection with other discoveries in the two (nearby) licenses," it said."Together with the discoveries ...
Plunging oil price to reset global defence budgets: IHS LONDON: Global defence spending is likely to remain constant for the next two years as tumbling oil prices cut the budgets of Middle East exporters, but swell the coffers of Asia-Pacific importers, defence analysts IHS said Friday.With Brent crude recently falling below the symbolic $60 dollar (48.8 euros) mark -- a 50 percent drop since mid-June -- the defence budgets of countries in the Middle East and North Africa are likely to fall to normal ...
Oil rises 2 percent to $62 as energy firms slash investments LONDON: Brent crude rose 2 percent to above $62 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production.Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.But signs that ...
Brent oil rises above $62 as energy firms slash investments LONDON: Brent crude jumped 2 percent to above $62 a barrel on Thursday, as some traders bet a six-month price rout could be ending as more energy firms cut investment budgets.Oil this week hit a five-year low of $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelmed demand, with losses accelerating after OPEC decided not to cut output at its meeting last month.But signs that lower prices are threatening future production ...
UK gas prices dip as mild weather leaves gas system oversupplied LONDON: Prompt natural gas prices in Britain slipped on Thursday, as mild weather saw a fall in demand for gas for heating, contributing to oversupply.Prices for within-day delivery eased 0.38 pence to 53.00 pence per therm at 1018 GMT.The gas system was around 24 million cubic metres (mcm) oversupplied, with flows forecast at 253 mcm/day and demand at 229 mcm, according to National Grid data.Demand was down sharply from around 300 mcm earlier in the ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln