Oil prices go down on OPEC commentsJune 12, 2013 - 09:46 AMT PanARMENIAN.Net - Oil prices fell below $95 on Wednesday, June 12, as ample supplies caused energy investors to pull back, The Associated Press reports. Benchmark oil for July delivery fell 85 cents to $94.53 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents to close at $95.38 per barrel on the Nymex on Tuesday. On Tuesday, oil prices were pressured by OPEC's disclosure that its members boosted production by 106,000 barrels a day in May. Some experts feel the world already has an ample supply to meet current demand. "Oil prices have slid back after OPEC increased crude output in May while at the same time keeping its 2013 demand forecast unchanged on concerns about the demand outlook," said Michael Hewson of CMC Markets in an email commentary. Investors have been trying to guess the timetable for the U.S. Federal Reserve to wind down its massive bond-buying program. The $85 billion-a-month asset purchases have helped keep interest rates at historic lows, prompting investors to turn to stocks and commodities in search of returns that outdo bonds. However, Julian Jessop of Capital Economics said in a market commentary that a pullback by the Fed wouldn't impact oil markets greatly, partly because the program "does not seem to have provided much support for commodity prices to begin with, so there may be little to lose when the asset purchases do end." Brent crude, a benchmark for many international oil varieties, fell 35 cents to $102.61 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |