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Oil slips to $49 on huge US stock build, firm dollar LONDON: Oil slipped to $49 a barrel on Wednesday after an industry report said U.S. crude stocks rose by the most on record last week, and as a firmer dollar added to pressure on prices.The American Petroleum Institute said late on Tuesday U.S. crude stocks jumped by a massive 12.7 million barrels last week, triple the volume expected, and including a 2 million barrel increase at U.S. crude delivery point Cushing, Oklahoma.If confirmed by official data from the U.S. Energy Information Administration at 1530 GMT on Wednesday, the weekly rise, excluding additions to the Strategic Petroleum Reserve, would be the biggest since records began in 1982, according to EIA data. It follows a 10.1 million barrel build last week."Crude oil stocks in the U.S. still appear to be growing incessantly," Commerzbank analyst Carsten Fritsch said.On Wednesday, Brent crude oil for March delivery was down 36 cents at $49.24 a barrel ...

Oil slips before Fed decision, US energy report LONDON: Global oil prices weakened on Wednesday as dealers await the outcome of a Federal Reserve meeting and the release of a US supply report, analysts said.New York's West Texas Intermediate (WTI) for March delivery fell 72 cents to $45.51 a barrel.European benchmark Brent North Sea crude for March declined 26 cents to stand at $49.34 a barrel in midday London deals compared with Tuesday's close.Crude futures had rebounded Tuesday from six-year lows as the ...
Oil slips to $49 on firm dollar, US stock build LONDON: Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices.Crude futures settled up more than 2 percent on Tuesday, when the dollar index posted its biggest one-day fall since early October. A weak U.S. unit makes dollar-priced commodities cheaper for buyers holding other currencies.Brent crude has fallen almost 60 percent since June, but since hitting a near ...
North Sea Crude: Forties offered lower, traders see market falling further LONDON: North Sea Forties and Ekofisk cargoes were offered lower on Tuesday as sellers struggled to offload barrels and traders said prices would probably fall further given the lack of buying interest and ample supplies of competing crudes."Nothing seems to be changing the weak sentiment in the market at the moment," one trader said."People are calling the bottom but it could be the buying to store that is causing this bottom. If the storage runs ...
Europe Distillates:Diesel eases, supplies seen ample LONDON: Diesel barge price differentials in northwest Europe fell slightly on Tuesday as demand in the region weakened while supplies were expected to remain ample.The prompt contango in diesel futures, when the prompt February contract trades above the March futures, has flipped in recent days, limiting demand for storage, traders said. But the diesel market remained in a deep contango of around $42 a tonne going into December 2015, meaning that storing product was still ...
Med Crude: Urals strengthens in Med on lower Feb supplies LONDON: Russian Urals crude price differentials strengthened in the Mediterranean again on Tuesday as expectations of lower supplies next month saw traders raising bids, while Venezuela is seeking another Urals cargo. Litasco bid for an Aframax Urals cargo in the Mediterranean for a second day, raising its bid to dated Brent minus 65 cents in the Platts window from $1 below the benchmark in the previous session. Vitol, which bid unsuccessfully at minus 90 cents ...
Gazprom says Turkey pipeline to be operational by 2016 MOSCOW: Russian gas giant Gazprom said Tuesday that a planned pipeline to Turkey will be in service by end 2016, piling pressure on the European Union to build a link to it or risk losing gas supplies from Moscow.Russia had announced the new gas pipeline to Turkey after scrapping the construction of the South Stream link to the European Union as relations with the bloc sank to a post-Cold War low over the bloody insurgency ...

 



 
Index Closing Chg%
Arrow DJIA 17,387.21 1.65
Arrow Nasdaq 4,681.50 1.89
Arrow S&P 2,029.55 1.34
Arrow FTSE 6,811.61 0.60
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln