Oil steady as analysts downplay risk of Israeli-Gaza tensionsNovember 15, 2012 - 12:33 AMT PanARMENIAN.Net - Oil prices were steady Thursday, Nov 15, a day after Israel launched an offensive against Islamic militants in Gaza as analysts downplayed the risk that the fighting poses to energy supplies, AP reports. Benchmark oil for December delivery was up 3 cents to $86.35 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 94 cents to finish at $86.32 per barrel in New York on Wednesday after the offensive raised concerns about possible supply disruptions in the Middle East. But Peter Esho, chief market analyst at City Index Group in Sydney, said real threats to energy supplies emanate from troubles in the Gulf region, since "neither Israel, Jordan, Lebanon, Egypt or Syria are key producers of oil." "Conventional wisdom suggests that tensions in the Middle East overnight from Israeli's strike at Hamas should put upward pressure on oil prices," Esho said in a market commentary. "But this is actually an exaggerated narrative and data over the past two years has shown otherwise." Meanwhile global economic issues and the "fiscal cliff" in the U.S. are still in focus. Unless President Barack Obama and Congress reach a compromise, a series of expiring tax cuts and broad spending cuts will take effect in January, seriously impacting the world's largest economy. Slower economic growth means less demand for fuels such as gasoline, heating oil and natural gas. 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. |