Oil prices subdued in aftermath of massive stormNovember 2, 2012 - 10:18 AMT PanARMENIAN.Net - Expectations that demand for crude would likely be subdued in the aftermath of the massive storm that slammed into the U.S. East Coast earlier this week caused oil prices to sag on Friday, Nov 2, according to The Associated Press. Benchmark crude for December delivery fell 28 cents at midday Bangkok time to $86.81 per barrel in electronic trading on the New York Mercantile Exchange. Despite ongoing disruptions at refineries and supply terminals in the U.S. Northeast, analysts said the U.S. remained stocked with sufficient supplies and that demand for crude oil would be lower than anticipated for a few weeks. Caroline Bain, commodities analyst for the Economist Intelligence Unit, said the storm's impact on the oil market would likely be temporary, assuming the resumption of refinery operations. "The recent expansion in U.S. shale oil production will mean that crude oil stocks in the country will remain high for much of the year, depressing prices, and insulating the US somewhat from the supply risks that are putting pressure on crude oil prices elsewhere in the world," she said in a market commentary. Benchmark oil gained 85 cents to finish at $87.09 per barrel in New York on Thursday, with positive U.S. economic news helping to boost prices. Reports for October showed manufacturing expanded for the second straight month, private businesses added more jobs and consumer confidence was at the highest level in nearly five years. And the government says crude inventories shrank last week. The next key report is due Friday when the government releases the October jobs data. In London, Brent crude, which is used to price international varieties of oil, fell 20 cents to end at $107.97 per barrel. 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. |