Oil prices rise after string of lossesSeptember 25, 2013 - 11:20 AMT PanARMENIAN.Net - The price of oil rose Wednesday, Sept 25, bouncing back slightly after a string of losses, the Associated Press reports. Benchmark oil for November delivery was up 24 cents to $103.37 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 46 cents to finish at $103.13 a barrel on Tuesday, the lowest close since July 30. Oil has dropped 6.7 percent since closing at a two-year high of $110.53 on Sept 6. Just a few weeks ago, President Barack Obama was considering launching a military strike against Syria to retaliate for a chemical weapons attack on Aug 21 that the U.S. blamed on Bashar Assad's regime. But a U.S.-Russia deal to put Syria's chemical weapons under international control averted military action, at least for now. Obama has called on the UN Security Council to pass a resolution that would enforce consequences on Syrian President Bashar Assad if he fails to follow the U.S.-Russian deal to turn his chemical weapon stockpiles. The U.S. Commerce Department is set to release durable goods and new home sales for August later in the day. The most recent data from the world's largest economy gave a mixed picture. One report Tuesday showed that home prices rose the most in more than seven years in July. Another showed that Americans' confidence in the economy slipped in September. Investors are also remaining cautious as Congress in Washington gears up for a budget fight. Failure to reach an agreement could make it impossible for the government to pay some of its bills. Still, Carl Larry of Oil Outlooks and Opinions said that despite some seemingly negative news, including the threat of a government shutdown, now "is a damn good time to buy crude oil on the cheap." Brent crude, the benchmark for international crudes used by many U.S. refineries, rose 23 cents to $108.87 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 | 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. |