Oil prices edge higher as dealers await U.S. stockpiles reportJanuary 8, 2014 - 14:42 AMT PanARMENIAN.Net - Oil prices edged higher in Asia Wednesday, Jan 8, as dealers sat on the sidelines ahead of an upcoming U.S. stockpiles report, while a record-breaking North American cold snap provided strong support. New York's main contract, West Texas Intermediate (WTI) for February delivery, was up 29 cents at $93.96 in mid-morning trade while Brent North Sea crude for February rose eight cents at $107.43. "The market has just pulled a bit at this stage after a few days of steep decline for WTI," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP. "I think investors have gone into the wait-and-see mode prior to the release of the inventory data." Estimates from 11 analysts surveyed by the Wall Street Journal showed U.S. stockpiles are projected to have fallen 600,000 barrels on average in the week to January 3. The U.S. Energy Information Administration will release the official stockpiles report later Wednesday. U.S. stockpile levels are keenly monitored by investors as it is an indicator of demand in the world's largest largest economy and the biggest oil consuming nation. Prices were also underpinned by a boost in demand for heating fuel following a record-breaking cold snap in North America. All of Canada and all the U.S. states bar tropical Hawaii recorded temperatures below freezing on Tuesday, even usually sunny and warm Florida and California. The drastic drop in temperatures has been attributed to a shift in a weather pattern known as the "polar vortex", which has coincided with wind chill warnings across the eastern seaboard. Spooner said a prolonged spell of bad weather could put pressure on prices "because the whole economy loses production due to disrupted services". 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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |