140 countries invited for Sangh Parivar's international Iftar party on July 2

Global oil markets remained under intense pressure on Tuesday, with Brent crude dropping below $20 per barrel for the first time in 18 years while other major benchmarks across the world tumbled. 

Brent, the international crude marker, slipped to $18.10, indicating that markets see no immediate let-up to the collapse in oil demand that sent some US oil benchmarks plunging under $0 for the first time on Monday, leaving producers paying for buyers to take their oil away while available storage is scarce.

Coronavirus has sent the oil sector into a state of crisis, with lockdowns implemented by authorities to smother the outbreak slashing demand for crude by as much as a third.

Contracts for the US benchmark West Texas Intermediate for delivery next month tumbled as low as minus $40 a barrel on Monday. Analysts at Citi warned that “if global storage worsens more quickly, Brent could chase WTI down to the bottom”.

The collapse in the May WTI contract was partly a technical product of the fact that it expires on Tuesday, meaning trading volumes were low and making the contract for June delivery more noteworthy, analysts said. That contract held above $20 a barrel on Monday but slid as much as 42 per cent on Tuesday to trade at lows of $11.79, suggesting the blowout in the May contract was more than a blip and that the entire global oil market faced challenges.

Goldman Sachs analysts said the June contact was likely to face downward pressure in the coming weeks, pointing to the “still unresolved market surplus”.

“As storage becomes saturated, price volatility will remain exceptionally high in coming weeks,” they said. “But with ultimately a finite amount of storage left to fill, production will soon need to fall sizeably to bring the market into balance, finally setting the stage for higher prices once demand gradually recovers.”

Warren Patterson, head of commodities strategy at ING, said it was likely that “storage this time next month will be even more of an issue, given the surplus environment”.

“And so in the absence of a meaningful demand recovery, negative prices could return for June,” he added.

European equities traded lower, partly dragged down by weaker energy stocks. The continent-wide Stoxx 600 was down 1.9 per cent, with its oil and gas sub-index dropping 3.3 per cent. In London the FTSE shed 1.7 per cent, while Frankfurt’s Dax slid 2.3 per cent. 

Equities were also broadly lower in Asia, with futures tipping US stocks to fall 1 per cent when trading in New York begins later.

On Wall Street overnight, the S&P 500 closed down 1.8 per cent, partly because of weakness in energy shares, but also due to increased pessimism over the time it will take for countries to emerge from lockdowns.

In fixed income, the yield on the 10-year US Treasury fell 0.03 percentage points to 0.585 per cent as investors retreated to the safety of the debt.

Bengaluru, Jul 19: Three legislators of the opposition Congress in Karnataka, including 2 MLAs and 1 MLC tested positive for coronavirus and are under treatment, a party official said on Saturday.

"Our Bailhongal MLA Mahantesh Koujalgi in Belagavi district and Humnabad MLA Rajashekhar Patil and his MLC brother Chandrashekhar Patil in Bidar district tested positive for the infection and are under treatment at designated hospitals," party spokesman Ravi Gowda told media persons in Bangaluru.

Koujalgi's swab sample was taken on Friday after he showed signs of illness and its result turned positive earlier in the day.

"As Koujalgi attended a review meeting at Bailhongal, about 20 officials who participated in the meeting have been home quarantined," said Gowda.

Koujalgi is the second lawmaker in the state's northwest region to test positive after BJP's Belagavi North assembly segment MLA Anik Benake tested positive for the virus on July 15.

"Patil brothers were in self quarantine after meeting BJP's Bidar Lok Sabha member Bhagwanth Khuba, who tested positive on Wednesday. Their tests also showed they were infected with the virus," Gowda said.

Congress MLC Sandesh Nagaraj, who tested positive on Friday, is under treatment at a private hospital in Mysuru.

Dakshina Kannada district Youth Congress president Mithun Rai is in institutional quarantine in Bengaluru after he tested positive for the infection.

Bengaluru, May 26: The Karnataka government today resolved to continue with the online method of education as a new normal in the field of higher education. 

Holding the review of the Higher Education department, Chief Minister B S Yediyurappa expressed interest in providing online education to students in higher educational institutes.

Yediyurappa directed the officials to look into the possibilities of extending online education from as early as Pre-University level so that the new method can easily be followed as they scale up the academic career. 

Keeping in mind the less expenditure and online teaching being cost-effective, Yediyurappa said, “If you compare online teaching with the regular classroom teaching, it is not only cost-effective but also helps in savings in terms of resources. Officials must look into the new method and start introducing it as early as PU classes.”