Oil prices fall slightly after IEA reportJuly 12, 2013 - 11:49 AMT PanARMENIAN.Net - The price of oil fell slightly Friday, July 12, extending losses below $105 a barrel after a report from the International Energy Agency said supplies would exceed an expected rise in demand next year, The Associated Press reports. Benchmark crude for August delivery was down 19 cents at $104.72 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.61 to close at $104.91 on Thursday. Oil had shot higher in recent days on a dramatic drop in U.S. supplies of oil and gasoline but its rise to a 16-month high was halted by the IEA's forecast Thursday. The agency expects supply growth to result in an additional 1.3 million barrels of oil a day in 2014, while global demand is forecast to grow by 1.2 million barrels a day next year. "Non-OPEC supply growth looks on track to hit a 20-year record next year," the IEA said in its monthly oil market report. "While demand growth is also forecast to pick up momentum ... this will still fall short of forecast non-OPEC supply growth." Brent crude was down 10 cents at $106.94 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 | 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. |