Oil prices jump 4% after biggest one-day fall since 1991March 10, 2020 - 13:57 AMT PanARMENIAN.Net - Oil prices rose by more than $1 on Tuesday, March 10 after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 Gulf War, but investors saw little chance of a quick price recovery as the coronavirus cuts demand, Reuters reports. Saudi Arabia and Russia both said they would raise production at the weekend after a three-year pact between them and other major oil producers to limit supply fell apart on Friday. Brent crude futures rose $1.41, or 4.1%, to $35.77 a barrel by 0034 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.25, or 4%, to $32.38 a barrel following declines of nearly 25 percent on Monday. Both benchmarks dropped to their lowest since February 2016 in the previous session and recorded their biggest one-day percentage declines since Jan. 17, 1991, when oil prices fell at the outset of the U.S. Gulf War. Trading volumes in the front-month for both contracts hit record highs in the previous session. But analysts do not expect oil prices to regain the nearly 25% slump from Friday’s close as the coronavirus outbreak cuts demand. 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 | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |