Oil prices subdue as Libya says will resume outputDecember 13, 2013 - 13:18 AMT PanARMENIAN.Net - Oil prices were subdued Friday, Dec 13 amid the possibility of new supplies from the Middle East after a Libyan militia said oil terminals could reopen, the Associated Press reports. Benchmark U.S. crude for January delivery was down 9 cents to $97.41 a barrel at mid-afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents on Thursday to settle at $97.50. Brent crude, a benchmark for international oils, eased 4 cents to $108.34 a barrel on the ICE exchange in London. The Libyan militia that shut down most of the country's oil terminals for months has said the terminals will reopen Dec 15. Libya has been losing millions of dollars every day after production dropped from 1.4 billion barrels a day to a few thousand since the closure. Libya has said it hopes to increase output to 2 million barrels a day once unrest ebbs. OPEC members may have to reduce their production to keep prices from dropping sharply and hurting oil revenues that underpin their economies. The Libyan news added to a picture of falling fuel demand in the U.S. after the Energy Department said gasoline and distillate supplies rose last week by more than three times the amount analysts were expecting. Related links: 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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |