Oil prices rise for a fifth straight dayAugust 20, 2012 - 10:23 AMT PanARMENIAN.Net - Oil prices rose for a fifth straight day of gains Monday, August 20, on the back of rising consumer confidence in the U.S. economy, the Associated Press reported. Benchmark oil for September delivery rose 30 cents to $96.31 per barrel in midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 41 cents to end at $96.01 per barrel on the Nymex on Friday. Brent crude rose 53 cents to $114.24 on the ICE Futures exchange in London. The Thomson Reuters/University of Michigan preliminary August index of consumer sentiment released Friday showed its highest level since May. Most economists had been expecting a decline. That combined with surprisingly strong retail sales and housing data raised hopes that the world's No. 1 economy is gaining traction. Ric Spooner, chief market analyst at CMC Markets in Sydney, said the rally may be nearing the end of its course, as prices "are pushing into what many people would regard as the higher end of the neutral range for oil." "The market is fairly well covered at the moment in terms of supply capacity," he said. "We are getting to a stage where the risk is starting to look to the downside." In other energy trading on the Nymex, heating oil rose 0.7 cents to $3.10 per gallon. Natural gas fell 1 cent to $2.71 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 | Exclusive access to all EURO 2024 games for Ucom subscribers This year once again Ucom stands as the primary partner of UEFA EURO 2024 in Armenia. Pashinyan congratulates Putin on Russia Day Nikol Pashinyan sent congratulatory messages to Vladimir Putin and Mikhail Mishustin on the occasion of Russia Day. Armenia, U.S. to upgrade Strategic Dialogue meeting to Strategic Partnership Commission The two governments have release a statement on the occasion of the U.S.-Armenia Strategic Dialogue Capstone meeting. Azerbaijan complains to Germany about Armenia's constitution Bayramov has complained about the Armenian constitution to his German counterpart Annalena Berbock. |