Oil prices up amid concerns about global economyFebruary 22, 2013 - 11:41 AMT PanARMENIAN.Net - Oil prices climbed in Asian trade Friday, Feb 22, as following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said, according to AFP. New York’s main contract, light sweet crude for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14. “It is possible that we do have the bargain hunters looking to pick up oil at these levels,” said Jason Hughes, head of premium client management at IG Markets in Singapore. Both contracts had tumbled more than $2 on Thursday in The United States as traders absorbed poor U.S. jobs data, signs of weaker-than-expected U.S. crude demand and a fall in eurozone business activity. The U.S. Labor Department said initial jobless claims rose to 362,000 in the week ending February 16, more than the analyst estimate of 358,000. U.S. crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy Thursday showed. That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires. 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-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |