Oil prices go up as U.S. crude supplies fallAugust 15, 2013 - 09:53 AMT PanARMENIAN.Net - The price of oil rose above $107 per barrel Thursday, Aug 15 after U.S. crude supplies fell in a possible sign of stronger demand, The Associated Press reports. Benchmark crude for September delivery was up 45 cents to $107.30 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to close at $106.85 on Wednesday. The latest supply reports showed a drop in U.S. crude inventories. The American Petroleum Institute said supplies dropped by nearly 1 million barrels to 365.3 million barrels for the week ending Aug. 9. The U.S. Energy Department said crude oil supplies fell by 2.8 million barrels, about double what analysts expected. The dollar also fell against the yen and the euro, a move that supports oil prices. Crude, traded in dollars, becomes a more attractive investment for holders of other currencies when the dollar falls. Brent crude, traded on the ICE Futures exchange in London, rose 41 cents to $109.23 a barrel. 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 | 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. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |