Oil prices below $90 amid U.S. ‘fiscal cliff’ doubtsDecember 21, 2012 - 11:26 AMT PanARMENIAN.Net - Oil prices fell below $90 per barrel Friday, Dec 21, as doubts intensified that political leaders in Washington would be able to reach a deal on the budget before a costly and potentially detrimental package of tax hikes and spending cuts automatically kicks in at year's end. Benchmark crude for February delivery fell 94 cents at midday Bangkok time to $89.19 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 15 cents to end at $90.13 per barrel Thursday on the Nymex. Brent crude, used to price international varieties of oil, dropped 51 cents to $109.69 per barrel in London. If the Republicans and Democrats don't work out a compromise before the end of the month, the U.S. could go over the "fiscal cliff," a reference to hundreds of billions of dollars in big tax increases and government spending cuts that take effect if a budget deal is not reached. Some economists fear that would push the U.S. back into recession, a prospect that would likely mean less energy demand. Late Thursday, House Republicans abruptly put off a vote on an alternative plan offered by House Speaker John Boehner that would prevent scheduled increases from taking effect on Jan. 1 on all income under $1 million. Obama is seeking a level of $400,000. 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 Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |