Azerbaijan

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

Published

1 week ago

August 8, 2019

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.”

News.Az

The Azeri Times

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Azerbaijan

Rio de Janeiro hosts concert marking centenary of Azerbaijans diplomatic service

Published

1 day ago

August 17, 2019

The Azeri Times

A special concert program celebrating the 100th anniversary of Azerbaijan’s diplomatic service has been held at the famous Municipal Theater of Rio de Janeiro, Brazil.

Brazilian Symphony Orchestra performed Azerbaijani and European classical music at the concert, which was conducted by Yalchin Adigozalov with the participation of soprano Seljan Nasibli.

Organized by the Azerbaijani Embassy in Brazil in partnership with the National Commission of Azerbaijan for UNESCO, the cultural event was attended by Brazilian state officials, representatives of the mayor’s office, students and professors of the Federal University of Rio de Janeiro, as well as members of the Brazilian National Congress.

The event participants were impressed by the Brazilian Symphony Orchestra who performed Asaf Zeynalli's "My country", Fikrat Amirov's "A tale of Nasimi", Gara Garayev's "Don Quixote", Maurice Ravel's "Shéhérazade”, including famous compositions by Claude Debussy.

News.Az

The Azeri Times

Azerbaijan

Border guard system being built on AzerbaijaniArmenian border

Published

1 day ago

August 17, 2019

The Azeri Times

A border guard system is being built on the border between Azerbaijan and Armenia and Armenia is alarmed by it, said Chief of Staff of the State Border Service (SBS) of Azerbaijan, Major General Elchin Ibrahimov, Trend reports.

According to him, the State Border Service is duly responding to enemy provocations in Gazakh and Aghstafa districts bordering with Armenia.

Ibrahimov also noted that as a result of the measures taken by the State Border Service for detecting reconnaissance and subversive activities, 18 people recruited by foreign intelligence agencies were exposed, and 86 Azerbaijani citizens and 24 foreign citizens suspected of having connections with said institutions were identified.

As part of the fight against terrorism, 91 people were detained and the identities of 388 people were established.

News.Az

The Azeri Times