Oil rises on stronger manufacturing activity in China, U.S.July 2, 2014 - 10:53 AMT PanARMENIAN.Net - Oil prices edged up Wednesday, July 2, on stronger manufacturing activity in the United States and China, the two biggest oil consumers, the Associated Press reports. Benchmark U.S. crude for August delivery gained 14 cents to $105.48 per barrel in New York, reversing four days of declines. The contract closed at a 10-month high of $107.26 on June 20. Brent crude, a benchmark for international oils used by many U.S. refineries, gained 9 cents to $112.38 per barrel in London. Manufacturing activity in China, the world's biggest oil importer, grew in June, according to separate surveys by HSBC Corp. and a Chinese industry group. In the United States, manufacturing grew for a 13th successive month, though at a slower pace than in May. Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC's second-largest exporter, would cut supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum. 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 | 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. |