Oil prices steady as USD goes slightly higherOctober 18, 2012 - 10:20 AMT PanARMENIAN.Net - Benchmark U.S. crude-oil futures saw little change in electronic trading Thursday, Oct 18, matching steady action from Wednesday, with a slightly higher dollar helping to limit gains, MarketWatch reports. Crude for November delivery fell fractionally, dropping 2 cents to $92.10 a barrel during East Asia trading hours. Oil futures had likewise held steady Wednesday, trading at $92.12 a barrel on the New York Mercantile Exchange for a gain of 3 cents, as a jump in U.S. housing starts offset a surprisingly large rise in crude-oil inventories. “Investors seemed very reluctant to increase their bullish positions in crude oil, even as the euro rallied (and dollar fell) on the back of Moody’s decision to keep Spain’s ratings unchanged a notch above junk status,” GFT Markets analyst Fawad Razaqzada wrote in note to clients. “Adding to the dullness, there was no fresh news regarding Iran vs. the West or Turkey vs. Syria to spook investors further about supply of oil,” he said. The ICE dollar index, which measures the greenback against a basket of six other major currencies, rose to 79.147, up from 79.022 in late North American trade Wednesday, helping cap gains. The U.S. currency tends to move inversely to dollar-denominated crude, as a stronger greenback makes oil more expensive for holders of other currencies. 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 | Power of One Dram to benefit Road of Life, Strong Mind IDBank and Idram summarize the results of the May program of “The Power of One Dram”. Yerevan State University, Ucom sign Memorandum of Cooperation Rector of Yerevan State University Hovhannes Hovhannisyan and General Director of Ucom Ralph Yirikian signed the memorandum. EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. |