Oil prices fall amid slowdown in China's manufacturing sectorMarch 4, 2013 - 12:06 AMT PanARMENIAN.Net - Oil prices turned lower in Asia on Monday, March 4, weighed by a slowdown in China's manufacturing sector and spending cuts in the United States, analysts said, according to AFP. New York's main contract, light sweet crude for delivery in April dropped 29 cents to $90.39 a barrel in the afternoon and Brent North Sea crude for April delivery shed 17 cents to $110.23. China's official purchasing managers' index released Friday showed growth in manufacturing activity slowed last month, suggesting a recent pick-up in the world's number two economy is weaker than initially thought. Sentiment was also hurt as across-the-board cuts of $85 billion in federal spending in the United States kicked in on Friday. Economists have warned that the cuts could lead to job losses and hinder growth in the still fragile economy, a key global economic engine. The spending cuts "won't brighten the outlook for growth or the unemployment rate", DBS Group Research said in a report. U.S. President Barack Obama on Saturday urged Congress to find a balanced approach by blending "smart" cuts with reforms. 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's Davit Chaloyan qualifies for Paris Olympics The Armenian boxer qualified for Paris Olympics after a series of successful bouts at the 2nd World Qualification Tournament. Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. Iran’s Red Crescent sends aid to Armenia’s flood-hit regions The Iranian Red Crescent Society has sent humanitarian aid to the victims of deadly floods that hit northern Armenia on May 25-26. |