Oil prices rise slightly after positive U.S. economic reportsOctober 4, 2012 - 10:22 AMT PanARMENIAN.Net - Oil prices rose slightly Thursday, Oct 4, after positive U.S. economic reports offset some of the pessimism about global growth prospects, AP reports. Benchmark oil for November delivery was up 16 cents to $88.30 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. On Wednesday, oil fell $3.75, or 4.1 percent, to $88.14 per barrel in New York. That was the biggest decline since May 4. Oil prices headed higher a day after economic reports showed improvement in the U.S. services sector and a modest uptick in private sector hiring last month. That partly balanced data released Wednesday that showed China's services sector expanding at a weaker pace in September. China is the world's second-largest economy and a huge importer of commodities such as oil. China's crude oil imports fell to 4.3 million barrels per day in August, the weakest level since October 2010, analysts at Bank of America Merrill Lynch estimated in a report last week. But analysts said prices could find their footing if Chinese economic growth improves later this year and into 2013. Caroline Bain, a commodities analyst for the Economist Intelligence Unit, said in an email commentary that "while we take a somewhat bearish stance on the oil price, the risks are decidedly on the upside." Brent crude, which is used to price international varieties of oil, rose 43 cents to $108.60 in London. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. 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. |