Oil below $95 amid U.S. Federal Reserve officials’ disagreementFebruary 21, 2013 - 10:14 AMT PanARMENIAN.Net - Oil fell below $95 a barrel Thursday, Feb 21, as disagreement among U.S. Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on U.S. crude inventories, The Associated Press reports. Benchmark crude for April delivery was down 89 cents to $94.33 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost $1.88, or 2 percent, to finish at $95.22 a barrel on the Nymex on Wednesday. Oil prices were undercut by expectations for higher U.S. crude supplies when the Energy Department's Energy Information Administration releases its weekly inventory report later Thursday. Carl Larry of Oil Outlooks and Opinions forecast a rise of 1.5 million barrels. "An increase in inventories here may seem like the best thing with refineries cutting runs, but we're cutting our imports and increasing our domestic production," he said in an email commentary. Ample supplies tend to lower prices. Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell 53 cents to $115.07 a barrel in London. Oil prices were also weighed down by a transcript of the latest Federal Reserve meeting that showed some policymakers expressing doubts about the Fed's bond-buying program. If the Fed curtails or ends the program earlier than anticipated, that could strengthen the dollar. Oil prices tend to move inversely against the dollar. 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 | Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Armenia to send Deputy Foreign Minister to Berlin’s Ukraine Recovery Conference Georgia will attend the forum at the level of Prime Minister, Foreign Minister, while Azerbaijan will send their Foreign Minister. About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. |