Oil prices fall over concerns about economic turbulenceOctober 3, 2012 - 10:18 AMT PanARMENIAN.Net - Oil prices fell for a second day Wednesday, Oct 3, over concerns about economic turbulence in Europe, China and the U.S., The Associated Press reports. Benchmark oil was down 23 cents to $91.66 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 59 cents to end at $91.89 per barrel in New York on Tuesday. Brent crude, which is used to price international varieties of oil, fell 47 cents to $111.10 per barrel on the ICE Futures exchange in London. Investors remain concerned about Europe's ongoing financial crisis after Spain's prime minister said a request for bailout funding isn't imminent. Slower growth in China, which is a huge importer of oil, has also kept a lid on oil prices. Slower growth can cut demand for oil and other energy products. Worries have also intensified that the U.S. economy will fall off a "fiscal cliff" at the end of the year. That's when tax increases and deep spending cuts will take effect unless Congress reaches a budget deal. A recession could follow. "There is downside risk in the overall market," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "Oil is one of those commodities where I think demand is well-covered by current supply capacity." 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 | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |