Crude prices waver as traders wait for supply dataAugust 7, 2013 - 10:18 AMT PanARMENIAN.Net - Crude prices vacillated between gains and losses Wednesday, Aug 7 as traders waited for the U.S. Energy Department to release its latest oil supply data, The Associated Press reports. Benchmark crude for September delivery was down 6 cents to $105.24 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.26, or 1.2 percent, to close at $105.30 on Tuesday. Traders were waiting for the U.S. government’s Energy Information Agency to release its weekly inventories report later Wednesday. Last week, crude supplies grew 400,000 barrels, or 0.1 percent, to 364.6 million barrels, which is 2.4 percent below year-ago levels. The International Energy Agency and the Organization of Petroleum Exporting Countries will also release their latest assessments of energy markets, including forecasts for worldwide demand for oil. Analysts are anticipating some downward revisions, given a slowdown in China’s economy. The dollar, however, is underpinning oil prices. It has fallen into a 97-98 yen range, weaker than July when the greenback was worth about 100 yen. A weak dollar tends to boost commodities, which become more attractive investments for holders of other currencies. “The dollar also not strong enough to suppress the interest in oil so that is why oil prices will hover around the current levels,” said Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong. Brent crude, traded on the ICE Futures exchange in London, was down 37 cents at $107.81 a barrel. 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 | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |