BJP’s ‘Suraksha yatra’ in Coastal Karnataka from Mar 3; Yogi to address rally in Suratkal on Mar 6

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, Jun 15: The total number of COVID-19 cases in Karnataka reached the 7,000-mark on Sunday, with the state reporting 176 new cases and five related fatalities, taking the toll to 86.

The day also saw 312 patients getting discharged in the state after recovery while the total number of positive cases in the Udupi district alone breached 1000 cases mark.

As of June 14 evening, cumulatively 7,000 COVID-19 positive cases have been confirmed in the state, which includes 86 deaths and 3,955 discharges, the health department said in its bulletin. It said, out of 2,956 active cases, 2,940 patients are in isolation at designated hospitals and are stable, while 16 are in ICU.

The five dead include- thee from Bengaluru urban, and one each from Dakshina Kannada and Bidar. The three from Bengaluru include- two women aged 57 and 60 respectively and a man who was 50 years; while the person who died in Dakshina Kannada was a 24-year-old man.

Also, a 76-year-old man from Bidar, who died at his residence on June 6, later tested positive for COVID-19. Out of 176 new cases, 88 are returnees from other states, the majority of them from neighboring Maharashtra. While 6 are those who returned from other countries.

Among the districts where new cases were reported, Bengaluru urban accounts for 42, Yadgir 22, Udupi 21, Bidar 20, Kalaburagi 13, Dharwad 10, Ballari 8, Kolar 7, Uttara Kannada 6, five each from Mandya and Dakshina Kannada, Bagalkote 4 and Ramanagara 3. Besides, two each from Raichur and Shivamogga, and one each from Belagavi, Hassan, Vijayapura, Bengaluru rural, and Haveri.

Udupi district tops the list of positive cases, with a total of 1,026 infections, followed by Kalaburagi 896 and Yadgir 809.

Among discharges also Udupi tops the list with total of 713 discharges, followed by Kalaburagi 427 and Bengaluru urban 327. A total of 4,43,969 samples were tested so far, out of which 7,451 were tested on Sunday alone. So far 4,27,608 samples have been reported as negative, and out of the 6,835 were reported negative today.

Kasaragod, Jun 2: Kumbala police on Tuesday arrested 20 persons on charges of misbehaving and obstructing a medical team who were on official duty for Covid-19.

Police sources said the incident occurred at Kumbala beach near here on Monday evening when a group of locals misbehaved and obstructed an eight-member medical team, comprising of doctors and health workers, from carrying out a survey to asertain whether there has been a community spread of Covid-19 in that locality.

The health team was on a mission to gather data of people who had interacted with expatriates after they had returned to hometown recently.