Oil prices rise on renewed Russia-Ukraine tensionsAugust 29, 2014 - 10:10 AMT PanARMENIAN.Net - Oil prices rose in Asia Friday, Aug 29, supported by renewed Russia-Ukraine tensions and upbeat U.S. economic data, analysts said, according to AFP. U.S. benchmark West Texas Intermediate for October delivery was up 27 cents at $94.82 while Brent crude for October advanced 33 cents to $102.79 in afternoon trade. Ukraine and the West said Thursday that Russian troops are actively involved supporting pro-Kremlin militias who have been fighting against Kiev's rule since April. NATO said at least 1,000 Russian troops were on the ground in east Ukraine but Moscow insisted none of its soldiers were in the country.The United States warned it was considering new sanctions against Russia over the latest development. Desmond Chua, market analyst at CMC Markets in Singapore, said fresh sanctions "may then trigger further retaliatory measures that would weigh on the euro bloc". Stronger-than-expected U.S. economic growth data meanwhile raised hopes for stronger demand in the world's largest oil consumer. The U.S. Commerce Department said Thursday the country's economy expanded at an annual rate of 4.2 percent in the second quarter, revising upward its July estimate of 4.0 percent. Chua said the latest figure has placed the world's biggest economy "on track for growth forecasts which could spur a quicker pace of (monetary) tightening". The U.S. Federal Reserve has previously signalled that it will only hike interest rates late next year, but market watchers say robust U.S. economic data could shorten the central bank's timetable. 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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |