Arts topper says Political Science teaches cooking, Science topper doesn't know what is H2O; new exams ordered

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, Feb 16: Radhakrishnan V Nair embarked on a journey of exploring complex subjects and opening up the cocoon of existence that puts people in a zone of comfort. One sole mission of the book is to encourage the readers to break out of that comfort zone.

The architect by profession has a novel to his credit, 'The Cave of Freedom' that had earned him critical acclaim from Jnanpith Awardee UR Ananthamurthy. On February 13, a discussion and the reading of his book had the audience riveted to their seats.

The launch of the book on February 13 at Bangalore International Centre was presided over by Bhaskar Rao, Commissioner of Police, Bengaluru, along with Vasudev Murthy, Technology Management Consultant, leadership trainer and author and Ramessh RK, an industrial designer and choir singer who read out passages from the book.

'Radhakrishnan is trying to inspire you to discover the pleasure of breaking the glass barrier along with the protagonist Dr Prateek. The story 'burst out'", said Radhakrishnan when it could not be contained any longer.

The glass ceiling saw a lot of interest from the audience present. The book includes Dr Prateek who is obsessed with saving lives in the Emergency Room (ER) as the world slept. Then on an eerie rainy night, he is kidnapped.

He struggles to come to terms with the improbability of waking up somewhere in Europe and making his serendipitous escape and being back at work the next morning - all physically impossible from the point of view of time and locality.

The glass ceiling challenges you to see tragedies and their impact on a person's mental well-being from a different perspective.

Radhakrishnan V Nair is an architect by profession and runs his Bengaluru-based firm - Archaid, the tagline of which is 'Architecture in Collaboration with Nature'.

Udupi, Mar 31: Six people have committed suicide since liquor shops were shut down during a lockdown here to break the chain of the novel coronavirus.

Deputy Commissioner G Jagadeesha said in a statement here, "After continuous suicides out of depression over not being able to buy alcohol, the district administration decided to hold counselling sessions to such people.

"The district administration has appointed a team of Doctors for counselling. Anyone who needs counselling can call 1077 toll-free number," he added.