Oil prices down after IEA lowers global demand forecastMarch 14, 2013 - 09:36 AMT PanARMENIAN.Net - Oil prices declined in Asia on Thursday, March 14 after the International Energy Agency (IEA) lowered its global demand forecast while data showed an increase in U.S. inventories, dealers said, according to AFP. New York's main contract, light sweet crude for delivery in April dropped 25 cents to $92.27 a barrel and Brent North Sea crude for April delivery shed 29 cents to $108.23. The IEA on Wednesday slashed its global forecast for growth in world oil demand for the second straight month, citing uncertainty from the US budget talks, sluggish Chinese business activity and unemployment in Europe. It estimated that demand for oil would total 90.6 million barrels per day this year, a cut of 60,000 barrels from its forecast in February. "The IEA's trimming of its 2013 global oil demand forecast added to pessimism," said Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at Ernst and Young. In the United States, the world's biggest oil consuming nation, fresh data from the US Department of Energy showed stockpiles rose 2.6 million barrels in the week ended March 8, indicating weaker demand in the world's biggest economy. 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. |