Oil price falls below $50 for first time since May 2009 January 7, 2015 - 12:48 AMT PanARMENIAN.Net - The price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009, BBC News reports. It fell more than a dollar to $49.92 a barrel in early trading on Wednesday, Jan 6, before edging back above the $50 mark. Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks. The price of oil traded in the United States, known as West Texas Intermediate crude, has already breached the $50 threshold. Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas and Opec resists calls for cuts in production to support prices. 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 |  Latest news Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year  German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year.Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan.Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan.Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |
