Oil prices up amid concerns about global economyFebruary 22, 2013 - 11:41 AMT PanARMENIAN.Net - Oil prices climbed in Asian trade Friday, Feb 22, as following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said, according to AFP. New York’s main contract, light sweet crude for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14. “It is possible that we do have the bargain hunters looking to pick up oil at these levels,” said Jason Hughes, head of premium client management at IG Markets in Singapore. Both contracts had tumbled more than $2 on Thursday in The United States as traders absorbed poor U.S. jobs data, signs of weaker-than-expected U.S. crude demand and a fall in eurozone business activity. The U.S. Labor Department said initial jobless claims rose to 362,000 in the week ending February 16, more than the analyst estimate of 358,000. U.S. crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy Thursday showed. That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires. 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 Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |