Oil prices down amid concerns about U.S. productionJanuary 23, 2013 - 12:49 AMT PanARMENIAN.Net - The price of oil fell Wednesday, Jan 23, after monthly home sales and manufacturing data raised concerns about the U.S. economy’s growth prospects, The Associated Press reports. Benchmark oil for March delivery was down 13 cents to $96.55 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The February contract, which expired Tuesday, rose 68 cents to close at $96.24, a four-month high. A drop in U.S. sales of previously occupied homes for December from November hurt sentiment, as did a report by the Federal Reserve Bank of Richmond showing a drop in manufacturing in the central Atlantic region. Michael Hewson of CMC Markets said in a market commentary that the reports raised “concerns about the U.S. manufacturing sector once again.” A downturn in factory production would likely reduce demand for energy and cause prices to fall. Ample supplies of oil and gasoline are also weighing on prices. There also remains some uncertainty about the outcome of negotiations in Washington on the U.S. debt limit. Congress is set to vote later in the day on a measure to raise the country’s borrowing limit. Otherwise it could face an economically calamitous, first-ever default. Brent crude, used to price international varieties of oil, was down 26 cents to $112.16 per barrel 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |