Oil near $90 over worries about Iran's nuclear programSeptember 27, 2012 - 10:52 AMT PanARMENIAN.Net - The slide in the price of oil halted near $90 a barrel Thursday, Sept 27, in Asia over renewed worries about oil supplies if military hostilities erupt over Iran's nuclear program, AP reports. Benchmark oil for November delivery was up 8 cents to $90.06 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.39 to finish at $89.98 per barrel on the Nymex on Wednesday. Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore, said harsh rhetoric over Iran's nuclear program and threats by Israel of military action against Iranian nuclear installations renewed worries about future oil supplies should an all-out conflagration erupt. President Barack Obama told the UN General Assembly earlier this week that he wants to resolve the dispute through diplomacy but that the time to do so is "not unlimited." Obama also said the Iranian government has failed to demonstrate that its nuclear program is peaceful. "Some of the comments from President Obama have caused some buying, causing oil to stabilize at around $90," Shum said. Wednesday's drop in the oil price came as protests in Greece and Spain over spending cuts and tax hikes reminded traders of the debt crisis hobbling those countries and some others in Europe. Such austerity measures crimp the need for oil and oil products such as gasoline and diesel. Brent crude fell 5 cents to $109.99 per barrel on the ICE Futures exchange in London. 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. |