Oil prices near $96 as Asian, U.S. stocks sinkFebruary 5, 2013 - 09:42 AMT PanARMENIAN.Net - Oil prices fell to nearly $96 a barrel as energy prices took their cues from sinking stock markets in Europe, Asia and Wall Street, AP reports. Benchmark oil for March delivery fell 9 cents at midday Bangkok time to $96.08 per barrel inelectronic trading on the New York Mercantile Exchange. The contract dropped by $1.60 to finish at $96.17 a barrel on the Nymex on Monday. Oil prices had risen steadily since they traded near $86 a barrel in mid-December on hopes for an improving global economy. But U.S. stock indexes had big declines Monday amid concerns about political stability in Italy and Spain. "The feel-good factor from last week's U.S. data has given way to some profit-taking," said Michael Hewson of CMC Markets. An Italian general election at the end of this month looks like it may not be as clear-cut as many people thought. Meanwhile, Spanish Prime Minister Mariano Rajoy denied allegations over the weekend that he and his party received secret cash payments from businesses. Opposition parties are calling for Rajoy to resign. Benchmark stock indexes in both countries endured their steepest drops in months on Monday. Brent crude, the benchmark used to set prices for oil used by many U.S. refineries, fell 46 cents to $115.14 in London. 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 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. 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. |