Oil rises amid improvement in U.S. economyOctober 12, 2012 - 10:25 AMT PanARMENIAN.Net - The price of oil rose Friday, Oct 12 after a big fall in U.S. unemployment benefit claims suggested some improvement in the world's biggest economy, raising expectations for increased demand for energy, AP reports. Benchmark oil for November delivery was up 8 cents to $92.15 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 82 cents to close at $92.07 per barrel in New York on Thursday. Brent crude, which is used to price international varieties of oil, fell 27 cents to $114.41 on the ICE Futures Exchange in London. The U.S. Labor Department said Thursday that applications for unemployment benefits fell last week to 339,000. That's the lowest in more than four years. If sustained, the lower level could signal stronger hiring. "We're going to look for more workers and consumers driving and more diesel demand from manufacturers and retailers delivering," said Carl Larry, president of Oil Outlooks and Opinions. Oil prices rose Thursday as tension between Turkey and Syria raised concerns that crude oil supplies from the Middle East could be disrupted. On Thursday, Turkey said it forced a Syrian passenger plane to land because it believed it was carrying banned cargo from Russia. Syria called the incident piracy. The two countries have traded artillery fire over Syria's northern border throughout the past week. 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 | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |