Oil rises amid hopes for improved consumer confidence in U.S.September 25, 2012 - 10:22 AMT PanARMENIAN.Net - Expectations of improved consumer confidence in the U.S. helped boost oil prices on Tuesday, Sept 25, The Associated Press reported. Benchmark oil for November delivery was up 20 cents to $92.13 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 96 cents to finish at $91.93 per barrel on the Nymex on Monday. Worries about weaker economic growth dragged down prices because slower economies mean less demand for oil. Brent crude rose 14 cents to $109.95 per barrel on the ICE Futures exchange in London. Oil analyst Stephen Schork said in an email commentary that while U.S. growth is "anemic," prices were buoyed by expectations of improving U.S. consumer sentiment for September, to be released later Tuesday in New York by the Conference Board. "As for today all eyes will likely be on consumer confidence," Schork said. He also said good news could come from the U.S. housing market, which appears to be bouncing back after years of lethargy. Standard & Poor's releases S&P/Case-Shiller index of home prices for July, and data on new and pending home sales will be released later in the week. Last week, a report said U.S. home sales jumped to the highest level in more than two years in August. The government also reported that construction of single-family homes in August was the fastest in more than two years. 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 | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |