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Oil rises more than 2 on firm yuan expectations of more OPEC cuts

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Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions, APA reports quoting Reuters.

Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of $58.01.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.45, or 2.8%, to settle at $52.54 a barrel after hitting a peak of $52.98.

Prices rebounded after tumbling nearly 5% to their lowest since January on Wednesday after data showed an unexpected build in U.S. crude stockpiles after nearly two months of decline.

Lending some support to prices on Thursday, inventories at Cushing, Oklahoma, the delivery point for WTI, fell about 2.9 million barrels in the week to Aug. 6, said traders, citing data from market intelligence firm Genscape.

China’s yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite U.S. trade pressure. The dollar fell 0.2% against the offshore yuan.

“Today’s price rebound across the energy spectrum looks like a normal correction from a short-term oversold technical condition,” Jim Ritterbusch of Ritterbusch and Associates said in a note.

“While some Saudi overtures of additional output restraint, a softening U.S. dollar, and lift in global risk appetite are facilitating today’s rally, we are not viewing this as the beginning of a sustainable advance by any measure.”

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Turkey may close Incirlik Kurecik bases if necessary

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Turkish President Recep Tayyip Erdogan said Sunday that Ankara may close two bases in Turkey where U.S. soldiers are stationed "if necessary", Anadolu Agency reported.

"If necessary, we will hold discussions with all our delegations, and if necessary, we may close Incirlik [air base in southern Adana province] and Kurecik [radar station in eastern Malatya province]," Erdogan said in a televised interview.

Speaking about a resolution passed in the U.S. Senate on Armenian allegations over the events of 1915, Erdogan said the bill was "completely political," adding: "It is very important for both sides that the U.S. does not take irreparable steps in our relations."

"We regret that the polarization in U.S. domestic politics has had negative consequences for us and that some groups abuse developments about our country for their own interests in order to weaken [President Donald] Trump," Erdogan added.

“We are not going to stand empty-handed. Let me say very clearly and openly: Is it possible to speak about America without mentioning Indians? It is a shameful moment in U.S. history. Similar things happened in Africa. Is it possible to put aside the French massacres in Rwanda, Algeria?

“They did slave trade in cells from Senegal to America. What will we do to explain these to the international community? We have documents in our archive. We will reveal that the history of the West is the history of racism and colonialism. While all these massacres and genocides are standing, they cannot say anything to the nation which has a proud history like us,” said Erdogan.

On Thursday, the U.S. Senate unanimously passed a resolution recognizing Armenian claims on the events that transpired in 1915.

Turkey's position on the events of 1915 is that the deaths of Armenians in eastern Anatolia took place when some sided with invading Russians and revolted against Ottoman forces. A subsequent relocation of Armenians resulted in numerous casualties.

Turkey objects to the presentation of the incidents as "genocide" but describes the events as a tragedy in which both sides suffered casualties.

Ankara has repeatedly proposed the creation of a joint commission of historians from Turkey and Armenia plus international experts to examine the issue.

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Azerbaijans ASAN Visa issues about 870000 visas in 2019

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The number of visas issued through Azerbaijan’s ASAN Visa system in the first eleven months of 2019 amounted to 869,905, the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan told AzVision.az.

In total, the system has granted over 1,842,000 visas up to now.

During the reporting period, 82 percent of foreigners who arrived in Azerbaijan via ASAN Visa indicated tourism as their purpose of visit. Most of those applying for e-visas to Azerbaijan are citizens of the UK, Israel, the UAE, Saudi Arabia, Kuwait, India, Pakistan, China, Iran and Turkmenistan.

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Leyla Aliyeva attends Zima 2019 International Children Festival

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Co-organized by Beat Group and Azerbaijan’s Ministry of Culture, a gala concert of “Zima2019” International Children Festival has been held at the Heydar Aliyev Center.

Vice-president of the Heydar Aliyev Foundation Leyla Aliyeva attended the event.

Prior to the concert, the participants walked the red carpet.

The hosts of the evening were Rufat Mammadov and Suel Heybatova. The organizing committee selected 20 best young singers out of 110 applicants.

The festival aims to reveal creative potential of talented children and adolescents and carries great importance in terms of collecting experience among professionals.

The performances of young talents aroused great interest among the audience. Representatives from Turkey, Ukraine, Georgia, Kazakhstan, France and the UK also performed at the Festival.

The participants received the diplomas and keepsakes.

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