Oil prices up as investors focus on improving China economyDecember 3, 2012 - 10:31 AMT PanARMENIAN.Net - The price of oil rose above $89 a barrel Monday, Dec 3, as investors focused on signs that China's economy may be picking up after a prolonged slowdown, The Associated Press reports. Benchmark crude for January delivery was up 30 cents to $89.21 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents to close at $88.91 in New York on Friday. Surveys by the state-sanctioned China Federation of Logistics & Purchasing and HSBC Corp. showed China's manufacturing is expanding. Signs of recovery in a major economy typically herald an increase in energy consumption and therefore push oil prices higher. In Europe, German lawmakers approved further aid to Greece on Friday, raising hopes that Europe will continue to slowly heal from its debt crisis. Increased European economic activity could also push up global oil demand. Oil had its first monthly gain in four months in November, but is still trading below the 2012 average of $94.65 per barrel. In London, Brent crude was up 41 cents at $111.64. 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. |