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Oil drops under $93 to new 27-month low as supply glut grows LONDON: Oil prices hit their lowest level since June 2012 on Thursday, dropping below $93 a barrel, as official oil price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.Oil declined together with European stocks ahead of a European Central Bank meeting on Thursday, as investors are waiting to see if Bank chief Mario Draghi's asset purchase plan can inject confidence into the euro zone economy.Sharp cuts in official selling prices from state producer Saudi Aramco to Asian customers on Wednesday came as the clearest sign yet that the world's largest exporter is trying to compete for crude market share, amplified supply concerns."This is a structural change in the oil market, with Saudi Arabia explicitly stating that they are willing to compete on price," said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo."I think Brent will fall below $88 before we see ...

Oil edges up from more than 2-year low, glut caps gains LONDON: Oil edged up from a more than two-year low to near $95 a barrel on Wednesday as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No. 2 oil consumer and ample supplies.Growth in China's manufacturing sector held up in September but remained subdued. The Purchasing Managers' Index (PMI) came in at 51.1, just ahead of forecasts for a 51.0 reading and offering some relief to investors worried ...
Oil rises from more than 2-year low, glut caps gains LONDON: Oil rose from a more than two-year low to over $95 a barrel on Wednesday as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No. 2 oil consumer and ample supplies.Growth in China's manufacturing sector held up in September but remained subdued. The Purchasing Managers' Index (PMI) came in at 51.1, just ahead of forecasts for a 51.0 reading and offering some relief to investors worried about ...
Oil slips below $97, hit by dollar strength LONDON: Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and was heading for its deepest quarterly drop in more than two years.The dollar surged to a four-year high against a basket of currencies and a two-year high against the euro, making oil more expensive for holders of other currencies.Brent for November delivery was down 33 cents at $96.87 per barrel by 1403 GMT. It has lost nearly ...
Oil prices turn higher LONDON: Global oil prices gained ground Tuesday on expectations of upbeat economic data from the United States, the world's biggest economy and largest consumer of crude.Brent North Sea crude for delivery in November rose 32 cents to stand at $97.51 a barrel in early afternoon deals in London.US benchmark West Texas Intermediate for November added 19 cents to $94.76 a barrel."Market participants will be keeping an eye on the release of the Chicago PMI (manufacturing) ...
UK gas prices rise as nearby demand outpaces supply LONDON: Prompt natural gas prices in Britain rose early on Tuesday as demand narrowly outstripped expected supply with a slight fall in Norwegian flows.Winter prices, however, were weaker, as hopes of a possible agreement between Russia and Ukraine in their dispute over gas supplies weighed on the market.Gas prices for delivery within the day were trading at 51.30 pence per therm at 0935 GMT, up 1.05 pence since their last close, and prices for delivery ...
Oil steadies above $97, supported by US, Chinese data LONDON: Brent oil steadied above $97 a barrel on Tuesday, supported by U.S. and Chinese economic data, but was still set for its deepest quarterly drop in more than two years because of strong supply and a surging dollar.Brent crude has slumped since June, when it hit this year's high of $115.71. Strong supply, a strong dollar and lacklustre economic data drove prices to a 26-month trough last week.Brent for November delivery was up 32 ...

 



 
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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