Rising oil prices weigh on stock marketsMarch 7, 2011 - 16:13 AMT PanARMENIAN.Net - Rising oil prices weighed on stock markets March 7 as the violence in Libya escalated, while a major ratings agency warned Greece may default on its debts. Investor sentiment has in recent weeks been dented by the clashes in Libya, where rebels looked to regroup after forces loyal to longtime leader Moammar Gadhafi appeared to be clawing back ground. The main market impact has been in the oil markets. Under normal circumstances, Libya produces about 1.6 million barrels of crude per day, but its output has been heavily affected by the violence. The country also has the biggest proven oil reserves in Africa. Investors are also concerned that political upheaval could intensify in the Middle East, where Iran, Iraq, the United Arab Emirates, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia have more than 60 percent of the world's oil reserves. By late morning, the price of a barrel of crude as traded on the New York Mercantile Exchange was up $1.77 at $106.19 while the equivalent Brent rate in London spiked $2.15 a barrel to $118.11, The Associated Press reports. 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 | U.S., Armenia sign customs deal According to Armenian customs data, U.S.-Armenian trade reached $670 million last year. Glendale mayor to visit Yerevan Asatryan last visited Armenia in December 2022-January 2023 as she helped establish a partnership between Armenia’s Opera House and Los Angeles Opera. Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Ambassador summoned to Russia returns to Armenia Sergei Kopyrkin has returned to Yerevan more than two weeks after being recalled to Moscow for consultations. |