Oil prices down amid gloomy economic forecastsOctober 10, 2012 - 15:14 AMT PanARMENIAN.Net - The price of oil headed down Wednesday, Oct 10, as gloomy economic forecasts pushed supply concerns to the background, AP reports Benchmark oil was down 40 cents to $91.99 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $3.06 to finish at $92.39 per barrel on concerns about supplies from the Middle East and the North Sea. In London, Brent crude, which is used to price international varieties of oil, rose 10 cents to $114.60. The International Monetary Fund said Tuesday the world's advanced economies are at risk of recession, a development that would likely depress the consumption of energy. The IMF cut its forecast for global growth this year to 3.3 percent from a forecast of 3.5 percent issued in July. Traders have been watching developments in Syria for any signs of a disruption in supplies from the Middle East. Cross-border artillery exchanges with Turkey have heightened fears that the violence between government and opposition forces in Syria could escalate into a wider regional conflict. Oil analyst Stephen Schork said traders on Wednesday will be watching for the release of the Federal Reserve's so-called Beige Book report on business conditions in the U.S. The report is released eight times a year and is based on information that the Fed's 12 regional banks gather from business contacts around the country 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 | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |