Oil prices below $98 as traders wait for U.S. indicatorsJanuary 31, 2013 - 10:54 AMT PanARMENIAN.Net - Oil prices hovered below $98 a barrel Thursday, Jan 31, consolidating recent gains as traders waited for more economic indicators from the U.S., The Associated Press reports. Benchmark oil for March delivery was down 4 cents to $97.90 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 37 cents to finish at $97.94 per barrel on the New York Mercantile Exchange on Wednesday. The U.S. economy unexpectedly contracted in the fourth quarter, which turned stock markets lower after a January rally that pushed the Dow Jones industrial average to near-record highs. Meanwhile, increasing imports pushed U.S. crude oil supplies up by 5.9 million barrels last week, more than twice what analysts expected, the government said Wednesday. Ample supplies have been a major factor in keeping oil prices from spiking, although prices have risen $6 per barrel since the start of the year. Still, oil hasn't seen the $100-per-barrel level since early May. Weekly jobless claims will be released later in the day in Washington. Traders were also awaiting the release Friday of employment data and manufacturing for January, hoping to see signs of an improving U.S. economy. Brent crude, used to price international varieties of oil, rose 10 cents to $115 a barrel on the ICE Futures exchange 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 | Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. “Great success”: Pashinyan pleased with new border protocol Pashinyan has described the signing by Armenia and Azerbaijan of a protocol on delimitation in Tavush as “a great success”. Armenia, Azerbaijan sign protocol on demarcation coordinates Armenia’s government took on May 15 another step towards handing over four border areas to Azerbaijan. U.S. warns Georgia not to side with Moscow against the west Georgia has been warned by the U.S. not to become an adversary of the west by falling back in line with Moscow. |