Oil price up after Russia says open to talk with OPECFebruary 3, 2016 - 14:41 AMT PanARMENIAN.Net - The price of oil rose on Wednesday, Feb 3, paring earlier losses after fresh comments from Russia about its openness to talk with OPEC over output cuts helped revive hope among investors that the world's largest producers could act to boost prices, Reuters reports. Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, "then we will meet". This helped push the price of oil, which had been set for a third day of declines after data on Tuesday showed another big build in U.S. inventories, off the day's lows. Brent for April delivery LCOc1 rose 40 cents to $33.12 a barrel by 4.30 a.m. ET, pulling away from a session low of $32.30. U.S. crude futures rose 46 cents to $30.34, off a session low of $29.40. "Is there going to be a meeting between Russia and OPEC? That is a supportive factor in this rally that we’ve seen in the last one hour," PVM Oil Associates analyst Tamas Varga said. "(Oil-producing) countries are at the brink of default ... so the situation is dire." Cash-strapped Nigeria and Angola are discussing potential financing from the World Bank, which, together with the International Monetary Fund, is in talks with Azerbaijan. The 70 percent drop in the crude price over the last 18 months has hit the budgets of oil-dependent nations such as Nigeria, Venezuela, Russia and even some of the richer Gulf nations such as Bahrain. Demand for oil, particularly in Asia, proved robust last year, but not enough to absorb near-record supply and ballooning inventories of unwanted crude. U.S. crude stocks rose by 3.8 million barrels to 500.4 million in the week to Jan 29, data from the American Petroleum Institute showed. 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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |