Oil near $85 amid modest improvements in China economyNovember 9, 2012 - 13:16 AMT PanARMENIAN.Net - Oil hung near $85 a barrel Friday, Nov 9 in Asia as traders weighed ample supplies against signs of recovery in China's economy that could boost demand for fuel, The Associated Press reports. Benchmark crude for December delivery was down 1 cent at $85.08 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 65 cents to close at $85.09 in New York. New factory production and retail sales figures from China, which is one of the world's biggest consumers of crude, added to signs an economic recovery is taking shape after a painful slowdown. But the improvements in China's economy are still too modest to make up for weakness in Europe and the U.S. Supplies of crude, meanwhile, are high and more than enough to meet modest growth in demand. U.S. oil production is at 17-year highs. Brent crude, which is used to price international varieties of oil, was down 40 cents at $106.87 a barrel in London. 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. U.S. Assistant Secretary of State to travel to Armenia Assistant Secretary for European and Eurasian Affairs James C. O’Brien will travel to Yerevan on June 10-12. |