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Brent rebounds as US stock rise triggers spread play LONDON: Brent crude rebounded from a one-month low below $56 a barrel on Wednesday as traders bought the international benchmark and sold its U.S. rival, after data showed a large increase in U.S. oil stocks last week.The U.S. Energy Information Administration said U.S. crude stocks rose by 4.5 million barrels, trumping some traders' expectations after an industry report on Tuesday said inventories had posted a small fall.The increase included a 2.3-million-barrel build at the Cushing, Oklahoma delivery point of the U.S. crude contract, also known as West Texas Intermediate or WTI."The fear of global supply glut that sent crude prices to six-year lows continues to hang over the market," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut."We have not seen signs of enough lower production resulting from capital spending and drilling cuts."Brent for April delivery hit a one-month low of $55.92 a barrel before recovering slightly to ...

US oil price drop on record-high stockpiles LONDON: US oil prices slid Wednesday on data showing that US crude stockpiles ballooned last week to a new record high, stoking supply glut concerns.New York's benchmark West Texas Intermediate (WTI) for April delivery sank 64 cents to $47.65 per barrel, reversing earlier gains."US crude prices were in full retreat again today after yet another larger-than-expected rise in oil inventories," said IG analyst Chris Beauchamp."It is looking more and more like the bounce seen in ...
Brent crude oil rebounds from one-month low to $57 LONDON: Brent crude rose to $57 a barrel on Wednesday, rebounding after hitting a one-month low as a surprise drop in US oil stocks overshadowed a rally in the dollar and global oversupply. Brent for April delivery hit a one-month low of $55.92 a barrel before recovering to trade up 62 cents at $57.01 a barrel by 1248 GMT. It dropped $2.14, or 3.66 percent, in the previous session. West Texas Intermediate for April delivery ...
Brent crude dips below $58 on strong dollar and supply LONDON: Brent crude futures dipped below $58 a barrel on Tuesday as the dollar hit multi-year highs and the oil market remained hobbled by oversupply and weak demand. The US dollar hit a near 12-year peak against the euro and an eight-year high against the yen, hurting commodities priced in dollars by making them more expensive for holders of other currencies. At 1131 GMT, Brent was down 79 cents at $57.74, while US crude was ...
Oil drops towards $59 on dollar, stock builds LONDON: Brent crude oil fell towards $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.The dollar hit a more than 11-year high against a basket of currencies after data showed the U.S. unemployment rate in February fell to its lowest level since May 2008, making commodities priced in the greenback more expensive for holders of other currencies.Oil inventories are rising across the world as ...
Oil steady above $60 as dollar balances supply concerns LONDON: Brent crude oil steadied above $60 a barrel on Friday as a stronger dollar balanced worries over the impact of fighting in Libya and Iraq on Middle East and North African oil production. The dollar hit an 11-and-a-half-year high against a basket of currencies on Friday after strong US jobs data boosted expectations of a sooner-than-expected interest rate rise in the world's largest economy. US employment accelerated in February and the jobless rate fell ...
BP and partners to invest $12bn in Egypt Gas deal LONDON: British oil major BP expects to invest around $12 billion with its partners as part of a finalised West Nile Delta deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates.BP said production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 percent of Egypt's current gas production.BP said it had about 65 percent equity in the project ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln