Oil prices nearly unchanged after positive U.S. economic reportMay 15, 2013 - 10:32 AMT PanARMENIAN.Net - The price of oil was nearly unchanged Wednesday, May 15, as traders weighed a positive U.S. economic report against rising supplies of crude, AP reports. Benchmark oil for June delivery was up 14 cents to $94.35 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. A report Tuesday showing a slight improvement in optimism among U.S. small businesses helped lift Wall Street and spilled over into energy markets Wednesday. The contract fell 96 cents to close at $94.21 on Tuesday after the International Energy Agency raised its forecast for U.S. oil production while cutting its prediction for global crude demand. Analysts said assessments such as the one from the Paris-based IEA were keeping crude prices in check. Michael Hewson of CMC Markets said in a market commentary that “rising inventories in the US mean that supply will likely outweigh demand for quite some time to come.” Later Wednesday, the U.S. Federal Reserve will release industrial production data for April while the National Association of Home Builders releases its housing market index for May. The data will help shed additional light on the extent of the economic recovery in the U.S., which in turn could influence future energy consumption. The IEA predicted growth in global demand would remain subdued throughout 2013. Brent crude, a benchmark for many international oil varieties, rose 5 cents to $102.56 a 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 | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |