Global economic jitters take oil prices downFebruary 26, 2013 - 13:52 AMT PanARMENIAN.Net - Global economic jitters and the prospect Italy will reignite Europe's debt crisis dragged oil down to near $92 a barrel Tuesday, Feb 26, The Associated Press reports. Benchmark crude for April delivery was down 89 cents at $92.22 per barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 2 cents to settle at $93.11 on Monday. Markets were rattled by the possibility of political paralysis in Italy after near-complete results in crucial national elections showed no clear front-runner. The uncertainty bodes ill for the nation's efforts to pass the tough reforms it needs to overhaul its debt-laden economy. That could reignite Europe's long-simmering crisis of confidence in the euro common currency. Adding to the downbeat mood were weak manufacturing figures from China on Monday and looming spending cuts in the U.S. as political leaders in Washington remain at odds over how quickly to trim the budget deficit. In London, Brent crude was down 82 cents at $113.62 on the ICE futures exchange. 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 | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |