Oil prices recover on bargain hunting

Oil prices recover on bargain hunting

PanARMENIAN.Net - Oil prices recovered Monday, Jan 6, on bargain hunting after a week-long plunge, the Associated Press reports.

Benchmark U.S. oil for February delivery rose 11 cents to $94.07 in electronic trading at mid-afternoon Kuala Lumpur time on the New York Mercantile Exchange. The contract fell $1.48 to settle at $93.96 a barrel on Friday. Prices have fallen 6.4 percent over the past week.

Brent crude, used to price international crude processed by many U.S. refineries, rose 17 cents to $107.06 in London.

Analysts said there are downside risks to oil prices. The U.S. economic recovery was generally boosted by a massive bond-buying program, and oil demand wasn't rising as fast as expected while supplies were sufficient.

On Thursday, protests reportedly ended at one of Libya's largest oil fields, which could allow the field to restart production and deliver more than 300,000 barrels of daily production to the global market.

Also, a rising dollar could dent oil prices. The Fed recently began winding its stimulus program, which is boosting the value of the dollar and leading investors away from oil. A stronger dollar makes commodities such as oil that are priced in dollars more expensive for buyers using other currencies.

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"There have been no new talks on gas exports to Europe, but there are routes and facilities which we need to use," Majedi said.
"We are particularly pleased by a 15 percent rise in lending to small and medium-sized businesses,” the bank’s financial director said.
It also signed 33 Reimbursable Advisory Service agreements with 11 countries in the region for a total amount of $45 million.
“Under a new deal to be signed, Russia is expected to provide a $300 million loan to extend the NPP’s service life,” Yervand Zakharyan said.
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