OIL NEARS $96 AFTER U.S. CRUDE SUPPLIES RISE
- Oil prices inched lower toward $96 a barrel Thursday, May 10, in Asia after U.S. crude supplies rose to a 22-year high, suggesting demand remains weak.
Benchmark oil for June delivery was up 16 cents to $96.65 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to settle at $96.81 in New York on Wednesday.
Brent crude for June delivery was down 44 cents at $112.76 per barrel in London.
On Wednesday, the Energy Information Administration said that increased oil imports and weaker domestic demand for petroleum helped boost U.S. oil inventories last week to 379.5 million barrels, the highest since 1990.
China reported Thursday that its imports and exports in April grew less than analysts expected, sparking investor concern crude demand may be waning in the world's second largest economy.
Crude has slumped $10, or about 10 percent, from $106 last week amid fears the global economy may grow less than expected this year. Political upheaval in France and Greece this week also renewed worries about Europe's debt crisis and weak economy.
Some analysts expect oil prices to stabilize after the recent sell-off unless the global economy deteriorates significantly further.
"One could perhaps argue that with inventories building and global oil demand conditions softer in the first quarter, prices were on the high side to begin with," Barclays said in a report. However, "the path of least resistance in prices is likely to be a slow grind higher from here in the coming months."
In other energy trading, heating oil was down 1 cent at $2.99 per gallon and gasoline futures slid 0.8 cents to $3.02 per gallon. Natural gas added 0.5 cents at $2.47 per 1,000 cubic feet.
- 1804 Mamed Khan of Yerevan, knowing of the Russian force's progress, orders the migration (for the duration of the war) of about 20000 Armenians from the Khanate of Yerevan to Ghars.
- 1810 Birth of Gabriel Aivazovski in Feodosia (Ukraine). He died in 1880 in Tbilissi (Georgia).
- 1838 Birth of Viscount James Bryce (statesman). He served under Prime Minister William Gladstone. He was a founder of the League of Nations. He wrote on jurisprudence and political science. He vociferously condemned the Armenian Genocide by the Turkish government. He died in 1922.
- 1848 The Lazaryan College (Moscow) becomes the Institute of Western Languages.
- 1855 The Sultan orders, for the first time, the draft for the Christians in Turkey. The order was ineffective.
- 1920 Armenia's Revolutionary Military Committee in Alexandropol and proclaims the establishment of Soviet power in Armenia.
- 1923 Birth of Heydar Aliev, First Secretary of the Communist Party in Azerbaijan, Head of the Azeri Turk subdivision of the Soviet KGB, Member of the USSR Politbureau, and Head of Atheistic Propaganda under the Soviet regime. Committed Genocide against the Armenians of Nakhitshevan and Artsakh. Took over the presidency of Azerbaijan in 1993.
- 1941 The Ten-day Festival of Armenian Literature starts in Moscow (Russia).
- 1943 Garegeen the First (Hovsepyants) is anointed Catholicos of Cilicia in Antilias' Cathedral.