Oil prices rise after Fed chief defends stimulusNovember 15, 2013 - 13:49 AMT PanARMENIAN.Net - The price of oil rose above $94 a barrel Friday, Nov 15, after incoming Federal Reserve chief Janet Yellen indicated that economic stimulus will remain in place pending further improvement in the U.S. economy. Benchmark U.S. crude for December delivery was up 35 cents to $94.11 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract slipped 12 cents to close at $93.76 on Thursday. Brent crude, the international benchmark, was up 13 cents to $108.41 a barrel on the ICE exchange in London. Yellen, who is slated to replace Ben Bernanke in late January, testified Thursday to the Senate Banking Committee. She said the U.S. economy has gained ground but still needs the Fed's support because unemployment remains too high at 7.3 percent. The Fed is buying $85 billion of government bonds and mortgage securities a month to keep interest rates low. The remarks helped offset further signs of oversupply. Data from the Energy Department showed the U.S. produced more crude oil than it imported in October for the first time since 1995. It also showed crude oil supplies rising for an 8th straight week, by 2.6 million barrels. 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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. 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. |