Stronger Chinese manufacturing stems 3-day oil price slideNovember 1, 2013 - 10:54 AMT PanARMENIAN.Net - Stronger Chinese manufacturing stemmed a three-day slide in the price of oil Friday, Nov 1, the Associated Press reported. Benchmark U.S. crude for December delivery was up 16 cents at $96.52 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents to close at $96.38 on Thursday. For October, oil sank 5.8 percent. Ample supplies of crude have weighed on the price. The Energy Department said Wednesday that U.S. supplies increased 4.1 million barrels last week. Over five weeks, supplies have risen by more than 25 million barrels. But a suggestion of stronger demand came Friday from two reports on Chinese manufacturing that showed an uptick in activity. That suggests China's economic recovery could continue to strengthen after growth rebounded to 7.8 percent in the third quarter from a two-decade low in the previous quarter. Brent crude, a benchmark for international crude also used by U.S. refineries, rose 47 cents to $109.31 a barrel on the ICE exchange in London. Related links: 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 | U.S. welcomes Armenia, Azerbaijan’s border delimitation announcement Blinken said it is an important step towards concluding a durable and dignified peace agreement. Residents Of border villages protest as Armenia, Azerbaijan agree on delimitation Residents of several Armenian communities in the northeastern Tavush province began protests late on Friday. 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. |