Oil price falls below $50 for first time since May 2009January 7, 2015 - 12:48 AMT PanARMENIAN.Net - The price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009, BBC News reports. It fell more than a dollar to $49.92 a barrel in early trading on Wednesday, Jan 6, before edging back above the $50 mark. Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks. The price of oil traded in the United States, known as West Texas Intermediate crude, has already breached the $50 threshold. Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas and Opec resists calls for cuts in production to support prices. Related links: 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 | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |