Oil prices fall as China's decides to tighten lendingJune 24, 2013 - 10:21 AMT PanARMENIAN.Net - The price of oil fell Monday, June 24 amid growing worries that China's decision to clamp down on informal lending could hamper growth in a major energy consuming country, according to The Associated Press. Benchmark oil for August delivery was down 24 cents to $93.45 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.71 to close at $.93.69 on the Nymex on Friday. Signs of an economic slowdown are already visible in the world's No. 2 economy. Last week, a private survey showed manufacturing in China contracted at a faster pace in June to a nine-month low. Moreover, Chinese economic growth slowed unexpectedly in the first quarter to 7.7 percent and forecasters have cut their growth outlook for the year. Asian stock markets fell, and oil prices moved along with them. "Weaker growth and funding concerns in China added another layer of uncertainty to the market psyche," analysts at Credit Agricole CIB in Hong Kong said in an email commentary. Brent crude, which is used to price oil used by many U.S. refineries to make gasoline, was down 47 cents to $100.44. 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |