Oil prices fall in Asian trade ahead of U.S. stockpiles reportMarch 12, 2014 - 13:30 AMT PanARMENIAN.Net - Oil prices fell in Asian trade Wednesday, March 12, ahead of the weekly U.S. stockpiles report that will give an indication of demand in the world's biggest economy, according to AFP. New York's main contract, West Texas Intermediate (WTI) for April delivery, dipped 61 cents to $99.42 in afternoon trade, and Brent North Sea crude for April eased 27 cents to $108.28. The U.S. Department of Energy will release its report later in the day and analysts expected inventories to have risen two million barrels in the week ending March 7 as the severe winter weather draws to an end, leading to weaker demand for heating oil. Kelly Teoh, managing director at I.R. Resources, said that with the Ukrainian crisis and the cold winter weather in the U.S. easing, investors would focus on economic data from the United States and China. "In the short term, a lot of it has to do with (uncertainty over) the U.S. economy... and China showing a slowdown," Teoh told AFP. Beijing said Saturday it had seen an unexpected trade deficit of $22.98 billion in February as exports dived, fuelling fears about growth in the Asian economic giant. Investors are also keeping an eye on political developments in oil-producer Libya after the country's parliament ousted Prime Minister Ali Zeidan. The vote of no-confidence in parliament came after a North Korean tanker laden with oil from a rebel-held terminal in eastern Libya broke through a naval blockade and escaped to sea despite the government's threats to block it by force if necessary. 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 | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |