Rising oil prices weigh on stock marketsMarch 7, 2011 - 16:13 AMT PanARMENIAN.Net - Rising oil prices weighed on stock markets March 7 as the violence in Libya escalated, while a major ratings agency warned Greece may default on its debts. Investor sentiment has in recent weeks been dented by the clashes in Libya, where rebels looked to regroup after forces loyal to longtime leader Moammar Gadhafi appeared to be clawing back ground. The main market impact has been in the oil markets. Under normal circumstances, Libya produces about 1.6 million barrels of crude per day, but its output has been heavily affected by the violence. The country also has the biggest proven oil reserves in Africa. Investors are also concerned that political upheaval could intensify in the Middle East, where Iran, Iraq, the United Arab Emirates, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia have more than 60 percent of the world's oil reserves. By late morning, the price of a barrel of crude as traded on the New York Mercantile Exchange was up $1.77 at $106.19 while the equivalent Brent rate in London spiked $2.15 a barrel to $118.11, The Associated Press reports. 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 | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. 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. |