Oil prices retreat after jump amid weak demandNovember 7, 2012 - 12:03 AMT PanARMENIAN.Net - Oil prices retreated Wednesday, Nov 7, after a big jump the day before, weighed down by the outlook for ample supplies and weak demand, according to The Associated Press. Benchmark crude for December delivery was down 37 cents to $88.34 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $3.06, or 3.5 percent, to finish at $88.71 in New York. U.S. benchmark crude oil prices are expected to be almost 5 percent lower in 2013 than previously forecast amid a sluggish economy, the U.S. Energy Information Administration said in a report. U.S. daily oil production is projected to rise 8.2 percent from 2012 and the highest since 1993, the EIA said. Ample supplies and reduced demand combined to put pressure on oil prices. "Having been arguably too expensive, it has adjusted down to a more neutral price," said Ric Spooner, chief market analyst, CMC Markets in Sydney. Brent crude, which is used to price international varieties of oil, fell 56 cents to $110.51 on the ICE Futures exchange in London. 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 | Iran’s Red Crescent sends aid to Armenia’s flood-hit regions The Iranian Red Crescent Society has sent humanitarian aid to the victims of deadly floods that hit northern Armenia on May 25-26. Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. |