Oil below $89 amid gloomy outlook for U.S. economyJuly 18, 2012 - 11:17 AMT PanARMENIAN.Net - Oil fell below $89 a barrel Wednesday in Asia as regional stock markets slid on the Fed's gloomy outlook for the U.S. economy, AP reports. Benchmark crude for August delivery was down 60 cents at $88.62 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 79 cents to end Tuesday at $89.22 per barrel in New York. Brent crude was up 72 cents at $103.28 on the ICE futures exchange in London. Oil has gained the past few days but is significantly lower from its $106 level of about two months ago. Europe's debt crisis and waning growth in the U.S. and China have added to expectations of weak demand for crude, pulling down the oil price. Oil prices got a lift Tuesday from a brighter outlook for U.S. homebuilders and rising industrial production but Federal Reserve chief Ben Bernanke's warning on the world's largest economy took its toll in Asia where stock markets were mostly lower. Investors had hoped that Bernanke would discuss a new stimulus plan before the Senate Banking Committee. He didn't. Instead, Bernanke warned that the country could be headed for another recession, if Congress doesn't avert a looming budget crisis. In other futures trading, heating oil was down 1.1 cent to $2.83 a gallon. Gasoline was almost unchanged at $2.735 a gallon and natural gas fell 1 cent to $2.786 per 1,000 cubic feet. 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |