Oil prices above $101 after report shows U.S. crude supply jumpApril 11, 2012 - 10:28 AMT PanARMENIAN.Net - Oil prices hovered above $101 a barrel Wednesday, April 11, in Asia after a report showed U.S. crude supplies jumped more than expected for a third week, suggesting demand remains weak, The Associated Press reports. Benchmark oil for May delivery was up 19 cents to $101.21 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.44 to settle at $101.02 in New York on Tuesday. Brent crude for May delivery was down 30 cents at $119.58 per barrel in London. The American Petroleum Institute said late Tuesday that crude inventories rose 6.6 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 1.8 million barrels. Inventories of gasoline rose 1.2 million barrels last week while distillates tumbled 500,000 barrels, the API said. The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday. A five-day global stock market sell-off has also undermined the optimism oil traders, who often look to equity markets as a measure of overall investor sentiment. The Dow Jones industrial average fell 1.7 percent Tuesday and most stock markets in Asia dropped Wednesday. Some analysts expect oil prices will reverse the recent slide from $110 last month as growing crude demand in developing countries tightens global supplies. Goldman Sachs recommended investors buy the U.S. crude September futures contract. "We expect that the overall oil market will continue to tighten in 2012, pushing oil prices substantially higher to restrain demand," Goldman Sachs said in a report. In other energy trading, heating oil was up 0.2 cent at $3.10 per gallon and gasoline futures slid 0.7 cent at $3.24 per gallon. Natural gas rose 0.1 cent at $2.03 per 1,000 cubic feet. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |