Oil prices rise as dollar falls against euroApril 9, 2013 - 11:59 AMT PanARMENIAN.Net - The price of oil rose Tuesday, April 9, as the dollar fell against the euro following weak U.S. jobs data, AP reports. Benchmark oil for May delivery was up 32 cents to $93.68 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents to finish at $93.36 a barrel on the Nymex on Monday. Analysts attributed the rise in oil prices to the rebound of the euro against the dollar. A weaker dollar makes oil, which is traded in dollars, more affordable for investors holding other currencies. The euro rose to $1.3047 from $1.3007 late Monday in New York. Matt Basi of CMC Markets attributed the dollar's slip to "the slew of poor U.S. employment figures last week." The Labor Department issued a monthly jobs report Friday that surprised analysts with its weakness. The gain of 88,000 jobs in March was the smallest in nine months. The unemployment rate fell to a four-year low of 7.6 percent, but that was only because more people stopped looking for work and were no longer counted as unemployed. Other data showed an increased in claims for unemployment benefits. Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up 44 cents to $105.10 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 | Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. U.S. “deeply troubled” by Azerbaijan's arrest of civil society members The United States is deeply troubled by the continued arrest of members of Azerbaijani civil society, Matthew Miller has said. Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. |