Oil prices drift as traders worry about threat to U.S. economyNovember 12, 2012 - 11:35 AMT PanARMENIAN.Net - Oil prices drifted Monday, Nov 12 as traders worried about the threat to the U.S. economy if lawmakers and President Barack Obama don't reach an agreement to avoid automatic tax hikes and spending cuts, AP reports. Benchmark crude for December delivery was unchanged at $86.07 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 98 cents to finish at $86.07 per barrel on the Nymex on Friday. Obama and congressional leaders face a Jan. 2 deadline to reach an agreement or at least come up with a framework to deal with expiring Bush-era tax cuts and automatic spending cuts to defense and domestic programs — known as the "fiscal cliff." Economists say the cuts could cost up to $800 billion, cost 3 million jobs and plunge the U.S. back into recession. Analysts say more stock market turmoil could arise as the deadline approaches. Obama was to begin talking to lawmakers in Washington this week on a deal. Brent crude, used to price international varieties of oil, rose 20 cents to $109.59 a barrel on the ICE Futures exchange 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 | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |