Oil below $94 ahead of supply figures releaseApril 10, 2013 - 09:50 AMT PanARMENIAN.Net - Oil prices fell below $94 a barrel Wednesday, April 10 ahead of the release of supply figures expected to show an increase in crude stockpiles, The Associated Press reports. Benchmark oil for May delivery was down 30 cents to $93.90 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 84 cents to finish at $94.20 a barrel on Tuesday. Oil investors are waiting for fresh information on U.S. stockpiles of crude and refined products. Data for the week ending April 5 is expected to show an increase of 1.4 million barrels in crude oil stockpiles, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. The Energy Department's Energy Information Administration releases its report Wednesday morning. Michael Hewson of CMC Markets said that "the likelihood of a rise in inventories later this week is serving to cap gains" in benchmark crude prices. Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, rose 7 cents to $106.30 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 | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |