Oil prices rise after disappointing U.S. jobs reportAugust 5, 2013 - 09:57 AMT PanARMENIAN.Net - Oil rose above $107 a barrel Monday, Aug 5, after a disappointing U.S. jobs report made it more likely the Federal Reserve will continue its stimulus program beyond September, The Associated Press reported. Benchmark crude for September delivery was up 18 cents to $107.12 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 95 cents to close at $106.94 a barrel on Friday. U.S. employers added 162,000 jobs in July, which was below expectations. The government also revised down gains for the prior two months when it released its employment figures Friday. Some analysts were expecting the Fed to start reducing its massive economic stimulus program in September. However, the disappointing employment data raised hopes that the Fed might continue its $85 billion a month in government bond purchases until the end of the year. The bond purchases have pushed down interest rates, which makes money available for spending and investment. But the purchases also inject more dollars into the economy, which lowers their value. That tends to push up the price of oil as it becomes more affordable for investors using other currencies. "The U.S. dollar weakness generally is positive for risk assets, gold and other commodities. So that will be a good scenario for the markets, if tapering is delayed," said Stan Shamu, market strategist at IG in Melbourne, Australia. Brent crude, traded on the ICE Futures exchange in London, rose 17 cents to $109.12 per 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 | Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. Iran’s Red Crescent sends aid to Armenia’s flood-hit regions The Iranian Red Crescent Society has sent humanitarian aid to the victims of deadly floods that hit northern Armenia on May 25-26. Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. |