Oil prices go down amid lukewarm demandMay 24, 2013 - 10:09 AMT PanARMENIAN.Net - The price of oil was knocked lower Friday, May 24, by a combination of ample supplies and lukewarm demand, The Associated Press reports. Benchmark oil for July delivery was down 40 cents to $93.85 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 3 cents to close at $94.25 a barrel in New York on Thursday. The price sank as low as $92.21 in the morning after weak manufacturing data from China raised questions about the strength of oil demand in the world's No. 2 economy. The prices of West Texas Intermediate and Brent continue to shift downward "as economic data continues to point to reduced demand against a backdrop of high inventories," said Michael Hewson of CMC Markets. The American Petroleum Institute had said in a statement Wednesday that U.S. crude oil stocks for April ended at 388.9 million barrels, the highest inventory level for the month since 1981. Traders were awaiting the release by the U.S. Commerce Department of durable goods orders for April for the latest clues on the health of the U.S. economic recovery. Brent crude, a benchmark for many international oil varieties, fell 14 cents to $102.30 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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |