Oil prices fall as await series of U.S. economic dataJune 25, 2013 - 10:16 AMT PanARMENIAN.Net - Oil prices edged lower in cautious Asian trade Tuesday, June 25, as dealers await a series of U.S. economic data for clues on when the Federal Reserve will begin winding down its massive stimulus program, analysts said, according to AFP. New York's main contract, West Texas Intermediate light sweet crude for delivery in August, was down 29 cents at $94.89 a barrel in morning trade and Brent North Sea crude for August delivery shed 18 cents to $101.98. "Nobody seems to want to take upward positions in the market at the moment," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP. "The latest U.S. GDP figures and other important economic numbers coming out later this week will give an indication of the direction of the U.S. economy and the Fed," Lennox said. Data on U.S. home prices and durable goods orders in May and consumer confidence in June will be released later Tuesday. The U.S. commerce department's third estimate of U.S. gross domestic product (GDP) in the first quarter of 2013 will be released Wednesday. Lennox said investors were anticipating fairly upbeat data, which could compel the U.S. Federal Reserve to reel in its $85-billion-a-month bond-buying later this year. Fed chairman Ben Bernanke last week said the U.S. central bank could begin to scale back the scheme if the economy continues to improve. 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 | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |