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U.S. oil price hits 5-year low

U.S. oil price hits 5-year low

The American benchmark for crude oil price has dipped below the $60 per barrel mark, its lowest point in five years, on Thursday.  West Texas Intermediate dropped to $59.88 per barrel at 1930GMT, its lowest point since July 2009. ...

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Brent hits five-year low below $66 on oversupply worries

Brent hits five-year low below $66 on oversupply worries

(Reuters) - Benchmark Brent crude slipped on Tuesday to its lowest in five years, dropping below $66 a barrel after plunging more than 4 percent the day before on worries of a swelling supply glut. Oil prices are likely to remain around $65 a barrel for the next six or...

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U.S. gasoline prices fall to four-year low: Lundberg survey

U.S. gasoline prices fall to four-year low: Lundberg survey

n">(Reuters) - The average price of a gallon of gasoline in the United States has dropped one dollar since early May, the lowest price in more than four years, according to the Lundberg survey released Sunday. Prices for regular-grade gasoline fell to $2.72 a gallon, down 12...

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Saudis to resist oil prices, Iran in doubt

Saudis to resist oil prices, Iran in doubt

Saudi Arabia and Gulf countries are to maintain their market share and resist falling oil prices, say experts. The Organization of the Petroleum Exporting Countries, OPEC, convened on Nov. 27 in Vienna to devise a strategy against falling oil prices,...

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Russia may offer Turkey gas discount up to 15%

Russia may offer Turkey gas discount up to 15%

Russia aims to sell natural gas to Turkey at a six percent discount rate that could be increased further to 15 percent later, Russian Energy Minister said Thursday. “If the market conditions get more beneficial, we could increase our six percent discount offer to 15 percent...

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Saudis block OPEC output cut, sending oil price plunging

Saudis block OPEC output cut, sending oil price plunging

(Reuters) - Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low. Brent oil fell more than $6 to $71.25 a barrel after OPEC...

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Assad's government spending to increase by 12 pct in 2015- agency

Assad's government spending to increase by 12 pct in 2015- agency

BEIRUT, Nov 23 (Reuters) - Syria's state spending is expected to rise 12 percent to 1.55 trillion Syrian pounds ($9.10 billion) next year, driven by higher social support costs, state news agency SANA reported citing a draft budget presented to lawmakers on Sunday....

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Inside Islamic State’s oil empire: how captured oilfields fuel Isis insurgency

Inside Islamic State’s oil empire: how captured oilfields fuel Isis insurgency

Islamic State has consolidated its grip on oil supplies in Iraq and now presides over a sophisticated smuggling empire with illegal exports going to Turkey , Jordan and Iran, according to smugglers and Iraqi officials. Six months after it grabbed vast swaths of territory, the...

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2000 handicap cases in Homs as war continues

2000 handicap cases in Homs as war continues

Reporting by Maher Radhwan; Translation by Yusra Ahmed HOMS (Zaman Al Wasl)- The number of Syrian disabled has increased significantly in the last three years since the revolution started in March 2011, as a result of indiscriminate bombing on...

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Syria economy 'set back decades' by war

Syria economy 'set back decades' by war

Syria's once-promising economy has been set back more than 30 years by its brutal civil war, economists say, and it may never recover. Squeezed by sanctions and the fallout of the more than three-year-old conflict, the government faces dwindling revenues and is increasingly...

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Airbus to deliver first A350 jetliner around December 12

Airbus to deliver first A350 jetliner around December 12

(Reuters) - Airbus is aiming to deliver the first A350 jetliner around Dec. 12, with customer Qatar Airways being the first recipient, a representative of the airline said on Tuesday. The A350, Airbus' newest plane and made with carbon-fiber composite fuselage, is a direct...

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Japanese recession threatens planned tax hike

Japanese recession threatens planned tax hike

Japan’s economy fell into recession Monday in a set back for Prime Minister Shinzo Abe’s administration, local media reported. The second successive quarter of negative growth will put pressure on the government to postpone a planned sales tax increase, the Kyodo news...

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 Nusra Front celebrates victory against West-backed rebels in Idlib

Nusra Front celebrates victory against West-backed rebels in Idlib

  (Zaman Al Wasl)- Al-Qaeda Syria’s wing al-Nusra Front on Wednesday celebrated its latest victory in Idlib province against West-backed rebel groups . Al-Nusra Front posted online photos showing the spoils taken from...

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 Libya's El Feel oil field shut down, third site within days

Libya's El Feel oil field shut down, third site within days

(Reuters) - An oil field in southwest Libya has closed down, officials said on Sunday, becoming the third oil facility in the chaotic country to shut within a week. The El Feel field, operated by Libya's National Oil Corporation (NOC) and Italy's ENI, shut down due to a power...

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China deal sends shares to one-month high, ruble surges

China deal sends shares to one-month high, ruble surges

(Reuters) - A landmark deal to give global investors easier access to China's $3.9 trillion stock market lifted world shares to their highest in over a month on Monday, as tensions in Libya and Ukraine pushed up oil prices. Chinese shares jumped 2.5 percent and Hong Kong's Hang...

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Regime to cut salaries of 6,000 teachers in Afrin north Aleppo

Regime to cut salaries of 6,000 teachers in Afrin north Aleppo

(Zaman Al Wasl)- Syrian regime’s Education Ministry decided to halt the salaries of 6,000 teachers in the Kurdish-dominated city of Afrin northern Aleppo, in step to press more pressure on the people of the disputed area, an opposition figure...

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Saudi oil minister to make rare trips to Venezuela, Mexico

Saudi oil minister to make rare trips to Venezuela, Mexico

(Reuters) - Saudi Oil Minister Ali al-Naimi is making his first visits in years to fellow exporters Venezuela and Mexico , although tumbling oil prices are not the stated purpose of the trip, according to officials and sources. Naimi will attend a long-planned climate change...

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Syria's 3 ½-year conflict roiling the economy

Syria's 3 ½-year conflict roiling the economy

DAMASCUS, Syria (AP) — The middle-aged salesman sat glumly among an array of shorts, khaki leisure suits bedecked with gold belts and dresses with plunging necklines in the ancient Damascus bazaar — luxuries few can afford in today's Syria. He, like many traders, lost most of...

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