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Benchmark Brent crude bears the scars of more US oil LONDON: Prices for international marker crude Brent have been jolted into a new pattern by booming U.S. crude output reshaping the market in its backyard Atlantic Basin market.The indirect impact of additional U.S. supply on Brent, used to price two-thirds of oil globally, adds to the influence of the U.S. in setting global prices.Brent crude futures are trading at a discount to the following month until January 2015 - a structure known as contango and a sign of ample supplies.The nearby contract had been in the opposite structure, backwardation, for most of the year until July. Two immediate factors weighing on Brent, say traders and analysts, are abating investor concern about geopolitical threats to supply that had been supporting prices and a slight increase in production from Libya in July.But the broader background is the growing amount of light, sweet crude that used to be imported in larger volumes into ...

Oil prices steady amid Iraq air strikes LONDON: Oil prices steadied on Monday as dealers tracked sustained US air strikes on extremist militants in Iraq who are threatening the crude-rich Kurdish region.US benchmark West Texas Intermediate for September delivery rose 15 cents to $97.80 a barrel.Brent crude for September dipped ten cents to stand at $104.92 in London afternoon deals.US President Barack Obama on Thursday ordered his country's warplanes back into Iraqi skies to prevent genocide against besieged religious minority groups and ...
UK gas prices up on field outage, lower temperatures, Ukraine concern LONDON: British wholesale natural gas prices rose on Monday morning on the back of an unplanned outage at a North Sea gas field, lower temperature forecasts and concerns about the transit of gas from Russia via Ukraine.Day-ahead British gas prices increased by 1.00 pence to 38.50 pence per therm by 0839 GMT. Gas for immediate delivery was up 0.30 pence at 38.00 pence per therm."The prompt has ticked up on the back of another outage ...
Oil below $105 as Iraq pumps crude despite conflict LONDON: Brent crude oil slipped below $105 a barrel on Monday as U.S. intervention in Iraq eased concerns over the risk of disruption to supply from OPEC's second-largest producer.Oil jumped sharply at the end of last week as Islamic State fighters made rapid gains in parts of northern Iraq and came within striking distance of more of the country's oilfields.But U.S. air strikes on the Sunni insurgency calmed market worries over the risk to oil ...
Putin, launching US-Russia oil project, touts 'pragmatism' MOSCOW: President Vladimir Putin said Russia is still open for business with Western companies despite sanctions as he ceremonially launched a joint US-Russian oil exploration project in the Arctic."Despite the difficulties of today's political context, pragmatism and common sense prevail, and that is very satisfying," Putin said as state-owned Rosneft and US oil giant ExxonMobil began exploring for oil in the Kara Sea off the northern coast of Siberia."We welcome of course and we are ...
Oil prices rebound as US mulls air strikes in Iraq LONDON: Oil prices rebounded on Friday as the threat of US air strikes on Iraq triggered fresh worries over supply disruptions in the crude-rich country. US benchmark West Texas Intermediate (WTI) for delivery in September rose 79 cents to $98.13 a barrel.Brent North Sea crude for September jumped $1.03 to stand at $106.47 in London midday deals.Prices recovered at the end of a week during which crude futures have been pressured by a firmer dollar ...
UK gas prices slip on supply but near-term bullish factors seen LONDON: British natural gas prices declined across the board on Friday as supply trumped demand, but analysts said bullish factors could support the market in the near term.Day-ahead gas prices were down 1.7 percent at 37.25 pence per therm at 0810 GMT, while the further out front-month and winter 2014 contracts shed 0.7 percent each.According to the National Grid, Britain's gas system was forecast to be oversupplied by nearly 7 million cubic metres (mcm) on ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln