Oil prices fall after survey shows crude inventories on increaseMay 16, 2013 - 11:30 AMT PanARMENIAN.Net - The price of oil fell below $94 a barrel Thursday, May 16, after a survey showed crude inventories on the increase, The Associated Press reports. Benchmark oil for June delivery was down 38 cents to $93.92 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to finish at $94.30 a barrel on the Nymex on Wednesday. A report released by the American Petroleum Institute said U.S. crude supplies for the week ending May 10 rose 181,000 barrels to 390.2 million from the prior week. Ample supplies and predictions of tepid global growth have kept crude prices muted. The outlook for the global economy took a punch Wednesday with the release of data showing Germany, while avoiding recession in the first three months of the year, grew a mere 0.1 percent. Traders had expected to see a 0.3 percent expansion of Europe's biggest economy. "With recovery optimists so dependent on the occasional glimpse of sunlight from Germany, their miss was particularly disappointing," said Toby Morris, senior sales trader at CMC Markets, in an email commentary. Brent crude, a benchmark for many international oil varieties, fell 32 cents to $103.18 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 | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Erdogan’s approval rating falls below 40 percent: survey A total of 53.4 percent of respondents said they disapprove of the performance of Erdoğan. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |