Oil prices fall amid concerns over softer demand for crudeApril 29, 2013 - 10:03 AMT PanARMENIAN.Net - Oil prices fell in Asia on Monday, April 29, as weak economic data from the United States sparked concerns over softer demand for crude, analysts said, according to AFP. New York's main contract, light sweet crude for delivery in June was down 29 cents to $92.71 a barrel and Brent North Sea crude for June delivery shed 46 cents to $102.70 in afternoon trade. "The weak (U.S.) GDP data questions business conditions in the market, signaling that inventories may rise as demand softens," said Desmond Chua, market analyst at CMC Markets in Singapore. The United States is the world's biggest economy and oil consumer. The U.S. Commerce Department said Friday the economy grew 2.5 percent in the first quarter of 2013, below the average analyst forecast of 2.8 percent, with cuts in government spending offsetting private consumption and investment gains. Federal government spending, hit by the "sequester" continued to drag on the economy. The $85 billion across-the-board spending cuts over seven months officially came into effect on March 1, with the aim of rapidly paring the country's large deficit. 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. |