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Oil falls below $66 as global glut builds LONDON: Brent crude oil fell below $66 a barrel on Friday after reports that a growing supply glut was boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot and could be about to correct. Although the US oil market is becoming more balanced, production elsewhere is still running well ahead of consumption. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told the Reuters Global Oil Forum. "The oil price rally looks like it may be slowly running of steam." Brent for July was at $65.80 a barrel by 1330 GMT, down 90 cents. US crude for June was down $1.10 at $58.78 a barrel. Market forecasters including the International Energy Agency (IEA) say big oil producers in OPEC are pumping at least 2 million barrels ...

Argentina buys 7 LNG cargoes from Trafigura, Spain's Gas Natural MILAN: Argentina's YPF has purchased seven liquefied natural gas (LNG) cargoes on behalf of state-run energy firm Enarsa following its recent tender, to be supplied by Trafigura and Spain's Gas Natural Fenosa, traders said. Enarsa launched a tender in early May to buy seven LNG cargoes for delivery from June through August. Awarding the tender falls under YPF's remit. Swiss trading house Trafigura will deliver six cargoes and Spanish utility Gas Natural Fenosa will deliver ...
Oil prices fall back after jolt from Gulf tanker incident LONDON: Oil slipped back below $67 a barrel on Thursday as a market torn between a U.S. stock draw and an overall glut of crude in the Atlantic Basin struggled for direction.Prices were briefly supported by news that Iran's Revolutionary Guard fired warning shorts over a cargo ship in international waters in the Gulf.Trade was in a narrow range as players tried to square bullish factors including the U.S. stocks data, spot demand for crude ...
Oil extends gains after US fuel stocks drop LONDON: Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after US crude stockpiles fell for a second straight week, suggesting the world's biggest oil market is rebalancing. US crude oil stocks fell by 2.2 million barrels to 484.84 million barrels last week, the Energy Information Administration (EIA) said. Stocks at the key delivery hub of Cushing, Oklahoma fell by 990,000 barrels to 60.68 million barrels. "The report is clear cut ...
Oil prices rise LONDON: Oil prices extended gains Wednesday on a weaker dollar and expectations that US crude inventories have further declined, easing concerns about a global supply glut.US benchmark West Texas Intermediate (WTI) for delivery in June added 53 cents to $61.28 a barrel.Brent North Sea crude for June rose 36 cents to stand at $67.22 a barrel around midday in London. Prices had surged on Tuesday owing to a weaker dollar that makes commodities such as ...
Oil prices shoot higher LONDON: Global oil prices rebounded sharply Tuesday on the falling greenback, which makes dollar-priced crude cheaper for buyers using stronger currencies.US benchmark West Texas Intermediate (WTI) for June delivery jumped $1.72 to $60.97 per barrel.Brent North Sea crude for June rallied $2.02 to stand at $66.93 in London late afternoon trade."Crude oil prices rebounded strongly... supported by a softer US dollar, while investors remained cautious ahead of the release of the weekly oil inventories reports," ...
Oil rises towards $66 as weaker dollar offsets oversupply concern LONDON: Brent crude futures rose towards $66 a barrel on Tuesday as a weaker dollar and the Yemen conflict helped lift prices. Record high oil output from Saudi Arabia in April failed to dent the move, although Goldman Sachs warned of further oil price declines. June Brent crude was up $1.08 at $65.96 a barrel by 1230 GMT.June West Texas Intermediate (WTI) rose 82 cents to $60.07 a barrel. The dollar was down 0.6 percent ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln