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Oil price approaches six-year low LONDON: New York oil prices tumbled close to six-year lows on Thursday, as record-high US crude inventories deepened worries over the global supply glut.West Texas Intermediate (WTI) for March delivery slumped to $44.21 a barrel, which was just one cent above the March 2009 low of $44.20 hit two weeks ago.The contract later stood at $44.44, down one cent from Wednesday's close.European benchmark Brent North Sea crude for March rose 43 cents to stand at $48.90 a barrel in London midday deals."As a result of another sharp build in US oil stocks, WTI is hovering dangerously around the $44 handle," said analyst Fawad Razaqzada."A potential break below here may encourage fresh selling which could see prices take another leg lower as there is little technical support seen until the next psychological level of $40 a barrel," he told AFP.Crude futures dived Wednesday after official data showed US crude stockpiles ...

Oil holds above $48 a barrel after US stocks hit record high LONDON: Brent crude oil futures held above $48 a barrel on Thursday as investor inflows offset data showing that U.S. crude stocks had hit a record high.By 0928 GMT on Thursday, U.S. crude was trading at about $44.50 a barrel, up 5 cents and off a six-year low hit on Wednesday. Brent was up 26 cents at $48.73 a barrel.On Wednesday, the U.S. Energy Information Administration (EIA) said domestic crude oil stocks had risen by ...
Oil slips to $49 on huge US stock build, firm dollar LONDON: Oil slipped to $49 a barrel on Wednesday after an industry report said U.S. crude stocks rose by the most on record last week, and as a firmer dollar added to pressure on prices.The American Petroleum Institute said late on Tuesday U.S. crude stocks jumped by a massive 12.7 million barrels last week, triple the volume expected, and including a 2 million barrel increase at U.S. crude delivery point Cushing, Oklahoma.If confirmed by official ...
Oil slips before Fed decision, US energy report LONDON: Global oil prices weakened on Wednesday as dealers await the outcome of a Federal Reserve meeting and the release of a US supply report, analysts said.New York's West Texas Intermediate (WTI) for March delivery fell 72 cents to $45.51 a barrel.European benchmark Brent North Sea crude for March declined 26 cents to stand at $49.34 a barrel in midday London deals compared with Tuesday's close.Crude futures had rebounded Tuesday from six-year lows as the ...
Oil slips to $49 on firm dollar, US stock build LONDON: Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices.Crude futures settled up more than 2 percent on Tuesday, when the dollar index posted its biggest one-day fall since early October. A weak U.S. unit makes dollar-priced commodities cheaper for buyers holding other currencies.Brent crude has fallen almost 60 percent since June, but since hitting a near ...
North Sea Crude: Forties offered lower, traders see market falling further LONDON: North Sea Forties and Ekofisk cargoes were offered lower on Tuesday as sellers struggled to offload barrels and traders said prices would probably fall further given the lack of buying interest and ample supplies of competing crudes."Nothing seems to be changing the weak sentiment in the market at the moment," one trader said."People are calling the bottom but it could be the buying to store that is causing this bottom. If the storage runs ...
Europe Distillates:Diesel eases, supplies seen ample LONDON: Diesel barge price differentials in northwest Europe fell slightly on Tuesday as demand in the region weakened while supplies were expected to remain ample.The prompt contango in diesel futures, when the prompt February contract trades above the March futures, has flipped in recent days, limiting demand for storage, traders said. But the diesel market remained in a deep contango of around $42 a tonne going into December 2015, meaning that storing product was still ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklyJanuary 25, 2015
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