Oil prices rise slightly after OPEC upgrades demand forecastFebruary 13, 2013 - 13:42 AMT PanARMENIAN.Net - The price of oil rose slightly Wednesday, Feb 13, adding to gains a day after OPEC upgraded its forecast for global crude demand, AP reports. Benchmark oil for March delivery was up 8 cents to $97.59 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 48 cents to finish at $97.51 per barrel on the Nymex on Tuesday after OPEC raised its 2013 forecast for global oil demand to 89.7 million barrels. That's 80,000 barrels more than its previous forecast a month ago. The Vienna-based organization comprising many of the world's key oil exporters cited "some signs of recovery in the global economy and colder weather at the start of this year." Traders were looking to the U.S. later in the day for the release of January retail sales figures to help gauge U.S. economic growth. Retail sales rose in December as consumers spent more on autos, furniture and clothing. But consumer spending, which accounts for about 70 percent of U.S. economic activity, could slow as a result of higher payroll taxes that took effect under the deal cut by Washington lawmakers at the end of last year to avoid the so-called fiscal cliff. "January's retail sales report is eagerly anticipated as it will provide the first real guide to how the payroll tax hike affected spending," Paul Dales of Capital Economics wrote in a market commentary. Brent crude, used to price international varieties of oil, fell 12 cents to $118.54 a 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 | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |