Oil prices fall to near $94, U.S. dollar strengthensJuly 12, 2011 - 11:29 AMT PanARMENIAN.Net - Oil prices fell to near $94 a barrel Tuesday, July 12, in Asia as a stronger U.S. dollar made commodities such as crude more expensive for investors with other currencies. Benchmark oil for August delivery was down 69 cents to $94.46 a barrel at midday Singapore time inelectronic trading on the New York Mercantile Exchange. Crude fell $1.05 to settle at $95.15 on Monday. In London, Brent crude fell 9 cents to $117.15 per barrel on the ICE Futures exchange. The euro fell to $1.3953 on Tuesday from $1.4048 late Monday. "The dollar may be getting ready to rally over an extended period," Cameron Hanover said in a report. "The bigger question is whether the oil market will follow the euro, as it has done for most of the last four years or so." The euro has weakened in recent weeks amid concern that the Greek debt crisis could spread to Italy, Spain, Portugal and Ireland. On Monday, European officials disagreed over a second bailout package for Greece. "The focus has shifted from Greece to Italy and it seems that one of the southern European countries is going to pose a problem," Cameron Hanover said, The Associated Press reported. 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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |