Oil prices climb in Asian trade after Chavez deathMarch 6, 2013 - 09:55 AMT PanARMENIAN.Net - Oil prices climbed in Asian trade on Wednesday, March 6, due to uncertainty following the death of Hugo Chavez, the president of major Latin American crude producer Venezuela, analysts said, according to AFP. New York's main contract, light sweet crude for delivery in April, added 26 cents to USD 91.08 a barrel and Brent North Sea crude for April delivery rose 43 cents to $112.04 in mid-morning trade in Asia. "The impact of the news seems to be minimal at this point in time, but some speculation and risk has been priced into oil futures," Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore, said. "Chavez has been in this position for so long, so there is a risk embedded in the political transition that could result in a disruption of oil supply," Mr Yang Jason Hughes, head of premium client management at IG Markets Singapore, said the full impact of the left-wing leader's death has yet to be felt but traders are watching for signs of instability within OPEC member Venezuela. Venezuela has the world's largest proven oil reserves, according to the Organization of the Petroleum Exporting Countries (OPEC). "There is a potential for instability in the country," Mr Hughes said. The government says Venezuela produces three million barrels of oil per day, although OPEC says the figure is 2.3 million. Oil production accounts for 90 per cent of the country's hard-currency revenue. 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. |