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Brent drops below $97 on rising supply LONDON: Brent crude fell below $97 a barrel on Friday and headed for its biggest monthly drop since April 2013 as rising supplies outweighed fears that US-led strikes against militants in Syria and Iraq would disrupt oil production. Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise. Libya's output has reached 925,000 barrels per day (bpd), the highest level since militias turned on each after the overthrow of Muammar Gaddafi. Even refinery outages and higher US gasoline futures failed to drive US crude higher. "At the moment, supplies are abundant and demand is weaker," said Andrey Kryuchenkov, an analyst at London-based VTB Capital. Brent for November delivery was down 18 cents at$96.82 a barrel by 0925 GMT.US crude slipped 2 cents to $92.51 a barrel. Both contracts were heading for a third straight month of losses, while Brent was also set ...

Oil holds near $97, supplies counter disruption fears LONDON: Brent crude held near $97 a barrel on Friday but headed for its biggest monthly drop since April 2013 as rising supplies outweighed fears that US-led strikes against militants in Syria and Iraq would disrupt oil production. Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise. Libya's output has reached 925,000 barrels per day (bpd), the highest since militias turned on each other after the ...
Oil recovers to $97 on Middle East tension LONDON: Brent crude oil recovered from early losses to trade above $97 a barrel on Thursday as concerns about potential supply disruptions in the Middle East helped the market recover from a two-year low.But prices were not far from the lows reached the previous day as abundant supply and a strong dollar largely outweighed concerns about threats to supply from the unrest.Brent gained 45 cents to $97.40 a barrel by 1224 GMT. It had hit ...
Oil market fall as dollar rallies LONDON: World oil prices fell Thursday on the back of the surging dollar and plentiful global supplies, analysts said.Brent North Sea crude for delivery in November dropped 31 cents to stand at $96.64 a barrel in London afternoon deals.The contract had dived Wednesday to $95.60 -- the lowest level since early July 2012 -- on worries over abundant oil supplies and a weaker demand outlook -- before pulling back on official data showing a surprisingly ...
UK gas prompt edges higher on less Norwegian supply LONDON: Prompt natural gas prices in Britain rose on Thursday as lower supplies from Norway led to an undersupplied system.Prices for within-day delivery were trading at 49.50 pence per therm at 0808 GMT, up 0.15 pence since their last settlement.With supply flows at about 158.2 million cubic metres (mcm) per day on Thursday and demand expected to be about 174.5 mcm, the system was 16.3 mcm undersupplied, National Grid data showed.Norwegian imports via Langeled were ...
Oil dips further below $97 on over supply and strong dollar LONDON: Brent crude oil dipped further below $97 a barrel on Thursday as abundant supply and a strong dollar outweighed concerns about threats to supply posed by fighting in the Middle East.The dollar hit a four-year high, dampening demand for commodities priced in the U.S. currency at a time when global economic growth is already lacklustre, particularly in the euro zone and China. The euro reached a 22-month low as speculation grew that the region ...
Rosneft may back out of Morgan Stanley oil unit deal LONDON: Rosneft, Russia's biggest crude oil producer, may back out of a deal to buy Morgan Stanley 's oil trading unit because Western sanctions make it virtually impossible to finance day-to-day operations, three sources close to the state-controlled company said.The people said the chances of the deal going through range from "possible" to "highly unlikely." A spokesman for Rosneft said that "the work over the deal is still ongoing."The business in question trades actual barrels ...

 



 
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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