Oil process rise after China releases monthly trade dataFebruary 8, 2013 - 11:13 AMT PanARMENIAN.Net - Oil prices rose above $96 a barrel Friday, Feb 8, after China reported better-than-expected monthly trade data, a sign that its economic recovery is gaining traction, The Associated Press reports. Benchmark oil for March delivery was up 25 cents to $96.08 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 79 cents to finish at $95.83 on the Nymex on Thursday after the head of the European Central Bank expressed concern over a recent rise in the euro. A strong euro hurts the export prospects of the 17 countries that use the common currency. It also tends to result in higher oil prices by making crude sold in dollars cheaper, and a more enticing investment, for traders using currencies other than the greenback. China's trade growth surged in January. Exports soared 25 percent from a year earlier and rose 14.1 percent from December. Import growth rocketed to 28 percent, and more than quadrupled from the previous month's 6 percent. Analysts said, however, the year-on-year data could be distorted because Lunar New Year fell in January in 2012. This year, companies picked up pace in January to fill orders before shutting down for the holiday, which this year falls in February. Linus Yip, a strategist at First Shanghai securities in Hong Kong, said the data "confirms market consensus, which is that economic growth in mainland China is stepping up." In London, Brent crude, used to price international varieties of oil, rose 61 cents to $117.85 a barrel on the ICE Futures exchange. 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 | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |