Oil prices rise as dollar falls against euroApril 9, 2013 - 11:59 AMT PanARMENIAN.Net - The price of oil rose Tuesday, April 9, as the dollar fell against the euro following weak U.S. jobs data, AP reports. Benchmark oil for May delivery was up 32 cents to $93.68 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents to finish at $93.36 a barrel on the Nymex on Monday. Analysts attributed the rise in oil prices to the rebound of the euro against the dollar. A weaker dollar makes oil, which is traded in dollars, more affordable for investors holding other currencies. The euro rose to $1.3047 from $1.3007 late Monday in New York. Matt Basi of CMC Markets attributed the dollar's slip to "the slew of poor U.S. employment figures last week." The Labor Department issued a monthly jobs report Friday that surprised analysts with its weakness. The gain of 88,000 jobs in March was the smallest in nine months. The unemployment rate fell to a four-year low of 7.6 percent, but that was only because more people stopped looking for work and were no longer counted as unemployed. Other data showed an increased in claims for unemployment benefits. Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up 44 cents to $105.10 per barrel on the ICE Futures exchange 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 | 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. |