Oil prices rose above $87 a barrelFebruary 11, 2011 - 10:33 AMT PanARMENIAN.Net - Oil prices rose above $87 a barrel on Feb 11 in Asia as Egyptian President Hosni Mubarak clung to power amid growing protests calling for his resignation. Benchmark crude for March delivery was up 30 cents at $87.03 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to settle at $86.73 on Feb 10. In London, Brent crude gained 49 cents to $101.93 a barrel on the ICE Futures exchange. Mubarak said late Thursday that he would pass some authority to his vice president but would not immediately leave office. Protesters seeking to oust Mubarak said they would hold a massive rally later in Cairo, the AP reports. Egypt is not a major oil producing country, but it controls the Suez Canal and a nearby pipeline. Egypt's political crisis, which is entering its 18th day, hasn't disrupted oil supplies, but traders are concerned the upheaval could spread to other countries in the oil-rich region. "There are renewed fears that the events in Egypt will be copied elsewhere throughout the Middle East," Cameron Hanover said in a report. "The possibility of other countries in the region coming under similar assaults seems to grow." In other Nymex trading in March contracts, heating oil rose 1 cent to $2.72 a gallon and gasoline gained 1.7 cents to $2.49 a gallon. Natural gas futures for March delivery were down 2.2 cents at $3.96 per 1,000 cubic feet. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |