Oil prices up as investors focus on improving China economyDecember 3, 2012 - 10:31 AMT PanARMENIAN.Net - The price of oil rose above $89 a barrel Monday, Dec 3, as investors focused on signs that China's economy may be picking up after a prolonged slowdown, The Associated Press reports. Benchmark crude for January delivery was up 30 cents to $89.21 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents to close at $88.91 in New York on Friday. Surveys by the state-sanctioned China Federation of Logistics & Purchasing and HSBC Corp. showed China's manufacturing is expanding. Signs of recovery in a major economy typically herald an increase in energy consumption and therefore push oil prices higher. In Europe, German lawmakers approved further aid to Greece on Friday, raising hopes that Europe will continue to slowly heal from its debt crisis. Increased European economic activity could also push up global oil demand. Oil had its first monthly gain in four months in November, but is still trading below the 2012 average of $94.65 per barrel. In London, Brent crude was up 41 cents at $111.64. 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 | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |