Oil rises ahead of Federal Reserve's policy meeting resultsDecember 12, 2012 - 09:50 AMT PanARMENIAN.Net - The price of oil rose Wednesday, Dec 12, as investors anticipated that new measures to perk up the U.S. economy will be announced at the end of the Federal Reserve's policy meeting. Benchmark crude for January delivery was up 8 cents to $85.87 per barrel at midday Bangkok time on the New York Mercantile Exchange. The contract rose 23 cents to finish at $85.79 per barrel in New York on Tuesday. It was the first time crude closed higher after falling for five straight sessions. There's a widespread expectation that the Fed will Wednesday announce more bond-buying. The Fed has been selling $45 billion a month in short-term Treasurys and using the proceeds to buy an equal amount of longer-term securities. The intent is to lower long-term borrowing rates and encourage spending. "If that happens, that will mean the U.S. dollar will get weaker and that generally supports the buying of oil futures," said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore. That's because a weaker dollar makes commodities like oil less expensive for investors holding other currencies. Oil also got a boost from a survey that indicated German investors believe Europe's largest economy may avoid slipping into recession, although growth is expected to remain tepid. Brent crude, used to price international varieties of oil, was unchanged at $108.01 per barrel 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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |