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US- Saudi to continue security cooperation in Middle-East

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By NewsGram Staff Writer

In an attempt at countering Iran’s destabilizing activities US and Saudi Arabia will continue security co-operations in the Middle East, the White House said on Friday.

“The two parties affirmed the need to continue efforts to maintain security, prosperity and stability in the region and in particular to counter Iran’s destabilizing activities,” said a joint statement on the meeting between President Barack Obama and King Salman bin Abd al Aziz of Saudi Arabia.

“In this regard, King Salman expressed his support for the Joint Comprehensive Plan of Action(JCPOA) between Iran and the P5+1 countries, which once fully implemented will prevent Iran from obtaining a nuclear weapon and thereby enhance security in the region,” Xinhua reported

“We’ll discuss the importance of effectively implementing the deal to ensure that Iran does not have a nuclear weapon, while counteracting its destabilizing activities in the region,” Obama said before the meeting.

“Our relationship is beneficial not only to our two countries, but to the entire world and to our region. And this is significant, and we must always affirm that and deepen such relations,” King Salman said.

The 79-year-old King would be paying the first official visit to the US in the month of January. According to the joint statement, the two countries also agreed on continuing military cooperation in confronting ISIL.

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Know About the Concern Over Fluctuating Oil Prices due to Coronavirus Outbreak

Global Stock Markets Plummet on Oil Price Drop, Coronavirus Fears

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Oil prices
Stock markets plummeted across the world, plunging on dual concerns over oil prices and the economic effects of the coronavirus. Pixabay

By Ken Bredemeier

Stock markets plummeted across the world Monday, plunging on dual concerns over oil prices and the economic effects of the coronavirus that has spread to more than 100 countries. This is a breaking news.

Key exchanges in New York fell more than 7% Monday, following a 5% drop in some Asian markets, while European markets closed down about 8%.

The widely watched Dow Jones Industrial Average of 30 key U.S. stocks closed down more than 2,000 points Monday for a loss of 7.9% while the S&P 500 fell 7.6%.

The steep decline at the New York Stock Exchange triggered an automatic 15-minute halt in trading to temporarily limit losses to 7%, a provision last employed in December 2008 in the depths of the recession.

Investors were spooked by plunging oil prices, with Brent crude, the world benchmark, falling more than 24% to $34.36 a barrel, on top of the coronavirus fears sweeping the globe. U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel.

The world prices of oil fell on fears that Saudi Arabia, launching a price war with one-time ally Russia, would flood the world market with oil in a bid to regain market share.

The plunge in oil prices was the worst since the Gulf War in 1991. Strategists at Goldman Sachs Group Inc. warned oil prices could fall into the $20s.

Oil prices
U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel. Pixabay

Volatility has consumed markets around the world amid the coronavirus outbreak that has infected more than 108,000 people and killed more than 3,800 people. At least 10 billion shares have traded on U.S. exchanges each day for two weeks.

U.S. stocks are now down 19% from a peak they reached last month.

U.S. President Donald Trump offered his rosy assessment of the stock market plunge and dropping oil prices, saying on Twitter, “Good for the consumer, gasoline prices coming down!”

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More broadly, he laid the blame for falling stock prices: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” (VOA)