Oil price hits lowest level in 6½ years amid strong global productionAugust 14, 2015 - 15:34 AMT PanARMENIAN.Net - The price of crude oil hit its lowest level in 6½ years Friday, Aug 14, amid concerns over a slowing economy in China, a huge energy consumer, and strong global production, the Associated Press reports. The U.S. crude contract fell as low as $41.35 a barrel, the weakest level since early 2009, when the global economy was in the throes of a massive financial crisis and recession. By late morning in Europe, the price was around $42 a barrel. The oil contract has been declining since touching a high of $61.43 on June 10. The main reasons are big increases in production in the U.S. and Canada, as well as expectations Iran's oil could soon return to the market. Meanwhile, China's devaluation of its currency this week highlights its concern about an economic slowdown. 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 | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |