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Brent crude oil hits 5-year low near $65 in volatile trade LONDON: Brent crude oil fell to a 5-year low near $65 a barrel in volatile trade on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut.Prices briefly reversed losses to trade higher ahead of the U.S. open, with some investors betting the 40 percent-plus price slide since June was overdone.But as U.S. equity markets opened lower oil prices quickly came off again, with traders refocusing on how fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries (OPEC) to manage supply."Although talks of oil reaching its bottom are more rampant, we fail to see a reversal coming without stronger fundamentals," Daniel Ang of Phillip Futures said in a note.Brent crude for January delivery was down 28 cents at $65.91 a barrel by 1447 GMT after falling as low as $65.29, its weakest since September 2009. Brent dropped 4.2 percent ...

Brent crude oil steadies after hitting 5-year low below $66 LONDON: Brent crude oil hit a fresh five-year low on Tuesday before steadying near $66 a barrel as some cautious buying emerged following a 43 percent price slide since June.Fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year.Supply and demand will set the price for oil in coming months, an oil ...
UK gas prices edge lower as Norwegian imports boost supply LONDON: Prompt natural gas prices in Britain eased on Tuesday, as a rise in flows from Norway's Vesterled pipeline added to oversupply in the system.Prices for next-day delivery eased to 54.20 pence per therm at 1018 GMT, down 0.4 pence from the previous settlement.The UK gas system was 12 million cubic metres oversupplied.Deliveries from Norway to Britain rose by 6 million cubic metres (mcm) per day from the previous day to 131 mcm/day on Tuesday, ...
Brent crude oil rebounds after hitting 5-year low below $66 LONDON: Brent crude oil hit a fresh five-year low on Tuesday before rebounding to near $67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 percent slide since June.Fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year."Although talks of oil reaching its ...
Russian oil use to sink, exports rise on sanctions, tax revamp MOSCOW/LONDON: Russian fuel exports to Europe could surge next year due to tax changes and a slump in domestic demand, stemming from a recession brought on in part by Western sanctions, analysts say. More Russian diesel and gasoline exports heading to Europe would be another hard blow for the continent's struggling oil refiners. In Russia, economic ills are converging with long-planned tax changes, approved by President Vladimir Putin last month, which will cut export tariffs ...
Oil drops $2 to five-year low on oversupply LONDON: Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.In a report dated Dec. 5, Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The U.S. investment bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to ...
Oil slips towards $68 after Morgan Stanley cuts price forecast LONDON: Brent crude oil fell more than a dollar to around $68 a barrel on Monday, just above five-and-a-half year lows, after Morgan Stanley cut its forecasts, saying oversupply would peak next year after OPEC decided not to cut output."Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson said.In a report dated Dec. 5, the investment bank cut its average 2015 Brent ...

 



 
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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%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln