 Oil prices fall as traders await report on growing supplies April 3, 2013 - 12:56 AMT PanARMENIAN.Net - The price of oil fell Wednesday, April 3 ahead of the release of a report expected to show supplies still burgeoning, The Associated Press reported. Benchmark oil for May delivery was down 50 cents to $96.69 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 12 cents to finish at $97.19 on Monday, buoyed by strong reports on U.S. auto sales and factory orders. The market is watching for the latest reports on supplies of oil and petroleum products. Analysts expect oil supplies rose by 2.5 million barrels last week, according to Platts. Supplies are already more than 9 percent above year-ago levels, a figure that is hard to ignore no matter how rosy economic data out of the U.S. might look. "My view is that the price has got itself in a situation where it is vulnerable to being sold off, where everybody knows its value, given current demand and supply," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "The market sort of has more scope to move down in the event of bad news than to move up in the event of good news." Brent crude, used to price many kinds of oil imported by U.S. refineries, was down 37 cents to $110.32 per 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 |  Latest news 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.Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for childrenMoscow slams EU mission in Armenia for “provocative activity” The EU mission is doing more and more against Armenia’s neighbors Russia, Azerbaijan and Iran, Mikhail Galuzin said.Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. |
