Oil in holding pattern near $105 amid growth in U.S. factory ordersJuly 26, 2013 - 11:31 AMT PanARMENIAN.Net - Oil was in a holding pattern Friday, July 26 near $105 a barrel as growth in U.S. factory orders was weighed against signs China is pressing ahead with painful economic restructuring. Benchmark crude for September delivery was down 17 cents to $105.32 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 10 cents to $105.49 on Thursday. Orders for long-lasting U.S. factory goods rose in June. The increase suggests companies are more confident in the economy and could boost economic growth and demand for crude in the second half of the year. But in a new sign China is reluctant to splash out on another round of economic stimulus, the government ordered companies in 19 industries from steel to glass to close some factories to reduce overproduction that has led to price-cutting wars. Brent crude, which is traded on the ICE Futures exchange in London, was down 13 cents at $107.52 a barrel. 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 | About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. |