Oil prices dip amid expectations of high U.S. suppliesNovember 12, 2013 - 14:01 AMT PanARMENIAN.Net - Oil prices dipped below $95 a barrel Tuesday, Nov 12, ahead of the resumption of talks to curb Iran's nuclear program and amid expectations of high U.S. supplies, the Associated Press reports. Benchmark U.S. crude for December delivery was down 29 cents to $94.85 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose 54 cents to $95.14 on Monday. Brent crude, the international benchmark, shed 23 cents to $106.17 a barrel on the ICE exchange in London. Six key powers are expected to resume talks with Iran next week in Geneva after initial negotiations failed to reach a deal. But there was some diplomatic progress as Iran promised to allow expanded UN monitoring of its nuclear sites, which could boost the next round of talks. The U.S.-led negotiations aim to curbs on Iran's nuclear program, including a cap on enrichment to a level that can be turned quickly to weapons use. In return, the key powers will consider a gradual rollback of sanctions that have crippled Iran's economy. This could bring an influx of Iranian oil into world markets at a time of already abundant supplies. Oil prices were also dragged down as investors expect U.S. crude supplies to rise further, which points to slowing demand, analysts said. The weekly crude stockpile report is due to be released Wednesday. Related links: 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 | Russian Ambassador to Armenia summoned to Moscow for consultations Russian Ambassador to Armenia Sergei Kopyrkin has been summoned to Moscow for consultations. Azerbaijan says now controls 4 villages as part of deal with Armenia Azerbaijan's border service has taken control of four villages in the Gazakh district on the border with Armenia. Lukashenko has "very interesting proposal" involving Caucasus Belarusian president Alexander Lukashenko has said he has "a very interesting proposal" involving the Caucasus region. Azerbaijan establishing three military colleges Three military colleges are being established in Azerbaijan, according to a decree signed by the country’s Prime Minister Ali Asadov. |