6 women die, 10 injure as jeep hits tractor trailer

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, June 19: Karnataka Chief Minister B.S. Yediyurappa''s home-office in the city centre was shut for sanitisation after the husband of a woman employee working there tested COVID-19 positive, an official said on Friday.

"The chief minister''s home-office has been closed for sanitisation after the employee''s husband tested positive for coronavirus," an official of the Chief Minister''s Office told media persons here.

The employee did not report for duty for two days after her husband was infected with the virus.

"The chief minister''s engagements, including an official event involving the state police department were shifted to the Vidhana Soudha (state secretariat)," said the official.

As the employee was on outpost duty, she did not come in contact with the Chief Minister or his cabinet colleagues and other senior officials.

Earlier in the day, the divisional railway manager''s office in the city centre was shut for sanitisation after a visiting employee tested positive for coronavirus.

"The three-floor DRM office has been closed for the day for santisation and all employees have been advised to work from home as one of our staffer who visited the office early this week tested positive for COVID-19 on Thursday," senior Divisional Commercial Manager Krishna Reddy told media persons here.

The DRM''s office is located adjacent to the Krantivira Sangoli Rayanna (KSR) main railway station in the city centre.

The state''s mini secretariat Vikas Soudha adjacent to the iconic Vidhana Soudha in the city centre has also been shut for sanitisation after a government employee working in it tested COVID positive.

The Bruhat Bengaluru Mahanagara Palike (BBMP), entrusted with the task of containing the virus spread, has already sanitised a portion of the massive building in the city centre.

After an employee of the food and civil supplies department tested positive, all offices on the ground floor of the mini-secretariat were sealed and sanitised.

The city registered 17 fresh cases on Thursday, taking the total number of positive cases to 844. With 14 discharged earlier in the day, 384 have been cured of the infection, while 408 are under treatment.

Of the 114 COVID deaths across the southern state since March 10, Bengaluru has accounted for 51 till date.

Bengaluru, Jan 10: Barely 24 hours after the standoff between BJP workers and students of Jyoti Nivas College (JNC) in Bengaluru over CAA became breaking news, it took political hues with the saffron party and the Congress locking horns over the issue.

Taking the battle to the anti-CAA camp on Thursday, the BJP aggressively defended its party workers, who on Wednesday erected a pro-CAA banner on the college compound wall and allegedly forced students to sign on it as a mark of support.

With one of the workers who had locked horns with JNC students by his side, deputy chief minister CN Ashwath Narayan, at his official residence, questioned students’ right to protest party cadre erecting a pro-CAA banner on their college compound wall.

“How can you tell people not to create awareness about a law that has been passed in this country? Who gave students the right to question political workers? If there was anything wrong, let them report to the police,” retorted the minister, who also holds the higher education department portfolio.

On the other hand, the Congress, cashing in on simmering anger over the assault on JNU students in Delhi, used the JNC standoff to project the ruling party as prime culprits in stifling the voice of students. BTM Layout MLA and seasoned politician R Ramalinga Reddy even warned the BJP against “allowing JNC to become another JNU”.

Reddy met with the JNC administration and extended his support against any “threats” to students. It is being alleged that Reddy was the first to “leak” the video of Wednesday’s row to the media. The college falls in his assembly constituency.

Taking a cue from his colleague’s stand, former CM and opposition leader Siddaramaiah also leaned into the matter and sent a strong message “backing” students in the standoff. “BJP goons are threatening students of Jyotinivas College to support CAA. MrYediyurappa, I am strictly warning you to control hooligans from your party. Don't subvert knowledge & institutions for your selfish motives. We won't let Ktaka to be victim of your Hitler rule!” said Siddaramaiah in a tweet.