Oil prices ease on profit-taking in Asian tradeJune 14, 2013 - 11:49 AMT PanARMENIAN.Net - Oil prices eased on profit-taking in Asian trade Friday, June 14, while dealers grow cautious over a supply glut and waning global demand, analysts said, according to AFP. New York's main contract, light sweet crude for delivery in July dropped 21 cents to $96.48 a barrel in the afternoon and Brent North Sea crude for August delivery shed 33 cents to $104.62. Both contracts closed higher Thursday following upbeat U.S. economic data. "Oil has gone up quite a bit in the past couple of weeks, so it is due for some technical resistance," Kelly Teoh, market strategist at IG Markets in Singapore, told. Ric Spooner, chief market analyst at CMC Markets in Sydney, said: "Underlying fundamentals look precarious, with oversupply variables and a waning demand." The World Bank on Thursday slashed its 2013 growth forecast for China to 7.7 percent from a previous estimate of 8.4 percent, warning of a potential "sharp" slowdown triggered by a fall in investment. It also shaved its global growth forecast to 2.2 percent from 2.4 percent, largely due to the eurozone's recession. The market was also watching developments in Sudan following an oil pipeline blast. 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. |