oil prices

U.S. Data Ruins New Year Eve’s Rally

January may not be positive if U.S. data further slips BY NOURELDEEN AL HAMMOURY Despite a positive rally for Crude Oil in the final hours of the last trading session in 2015, where WTI Crude closed higher with a 1.20 percent gain and Brent added a little over 2.25 percent in gains, U.S. and global

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The New Year In Business

Currencies and central bank decisions may shape the year ahead BY Nour E. Al-Hammoury Looking back at 2015, it’s clear that it’s been one for the history books—for several reasons. Stand-out factors include the release of long-unseen economic data, dwindling oil prices and a sovereign economy that was tested and found wanting, as Greece defaulted

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Saudi Economic Shake-up Shows It is Planning for Cheap Oil

By Rania El Gamal DUBAI, Dec 29 – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it

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Saudi Plans Spending Cuts, Reforms to Shrink Budget Deficit

By Angus McDowall and Andrew Torchia RIYADH/DUBAI, Dec 29 – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday,

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Asia Stocks Slip But Japan Bucks Trend on Oil Bounce; Dollar Wobbles

By Shinichi Saoshiro TOKYO, Dec 28 – Asian stocks dipped on Monday amid a lack of immediate directional cues in light year-end trade, although Japanese shares managed to rise following a rebound in crude oil prices from multiple-year lows. Investors across asset markets were without some of the usual leads as most global markets were

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Burning The Midnight Oil

Saudi Arabia’s refusal to budge on oil prices has won it few friends BY Omar Al Ubaydli “You can’t run a business based on sympathies,” the controversial billionaire oil broker, Marc Rich once said. The business of oil is no different; it lubricates the region. And as the price of oil has taken a hit

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Airline Profits to Hit Record Levels on Low Oil

GENEVA, Dec 10 (Reuters) – Low oil prices and healthy demand for travel will boost airline profits again in 2016, the International Air Transport Association said on Thursday. IATA, which represents almost 260 airlines accounting for 83 percent of global air traffic, said net profits would reach record levels of $36.3 billion in 2016 after

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