Oil rises as Israel-Hamas conflict shows no signs of abating November 19, 2012 - 10:57 AMT PanARMENIAN.Net - The price of oil rose above $87 a barrel Monday, Nov 19, in Asia as the conflict between Israel and Hamas showed no signs of abating, raising concerns about crude supplies, The Associated Press reported. Benchmark oil for December delivery was up 81 cents to $87.73 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added $1.05 to finish at $86.92 per barrel on Friday. Brent crude, used to price many international varieties of oil, rose 55 cents to $109.50. It closed Friday at $108.95 per barrel in London. Gordon Kwan, head of energy research at Mirae Asset Securities Ltd. in Hong Kong, said some investors fear that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude. The "market is putting a geopolitical premium on the price of oil amid escalating tensions between Israel and Palestine and that could continue for some time," Kwan said.   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 |  Latest 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. |
