Oil prices near $102 amid anxiety about global supplyJune 10, 2011 - 10:14 AMT PanARMENIAN.Net - Oil prices hovered near $102 a barrel Friday, June 10, in Asia amid anxiety that global supply may not be able to meet growing energy demand. According to AP, benchmark oil for July delivery was down 5 cents to $101.88 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract gained $1.19 to settle at $101.93 on Thursday. In London, Brent crude for July delivery was up 24 cents to $119.81 a barrel on the ICE Futures exchange. World oil demand is expected to outpace supplies later this year by the widest margin since 2007. OPEC has decided not to increase oil production but Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway - which will drain spare capacity in the cartel that controls more than a third of global output. In addition, ongoing conflicts in the Middle East and North Africa and the U.S. hurricane season are adding to the risk of reduced supplies. 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 | Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. Pasadena to host Armenian Genocide commemoration event The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event. Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party. |