Oil prices rise on expectations for increased demandJanuary 24, 2014 - 12:05 AMT PanARMENIAN.Net - The price of oil edged up Friday, Jan 24, for a fifth day in a row on expectations for increased demand, the Associated Press reports. Benchmark U.S. crude for March delivery was up 22 cents to $97.54 a barrel at 0620 GMT in electronic trading on the U.S. Mercantile Exchange. Oil rose 59 cents to $97.32 on Thursday. On Thursday, preliminary results of HSBC's January survey of Chinese factory purchasing managers indicated a contraction in manufacturing for the first time since July. Despite the disappointing China data, the severe cold spell in parts of the U.S. and higher forecasts for global economic growth boosted the outlook for oil demand. On Wednesday, the International Monetary Fund raised its growth forecasts for the global economy and the U.S. economy. The deep chill blanketing much of the central and eastern U.S. has reduced stocks of heating oil as homeowners crank up the thermostat and electric utilities burn it to avoid paying for natural gas. Natural gas has skyrocketed to record prices of more than $100 per 1,000 cubic feet on the spot market in some U.S. regions. The increased demand is also reflected in a less severe rise in prices for natural gas futures. Brent crude, a benchmark for international oil, was up 13 cents to $107.71 a barrel on the ICE exchange in London. 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. |