London, May 23: British Prime Minister Theresa May is expected on Friday to announce her departure from office, The Times reported, without citing a source.
May will remain as prime minister while her successor is elected in a two-stage process under which two final candidates face a ballot of 125,000 Conservative Party members, the newspaper said.
Singapore, May 6: Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.
Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.
US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.
Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.
They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.
But gains were capped Wednesday as dealers follow a brewing US-China row after Donald Trump hit out at Beijing over its handling of the outbreak, saying it began in a Wuhan lab, but so far offering no evidence.
"Traders are incredibly cautious this morning, weighing all the possible China responses," said Stephen Innes, chief global market strategist at AxiCorp.
"And the one that would hurt the most would be for China to reduce imports of US oil."
This week's rally was in part driven by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.
There have also been signs that the massive oversupply in the market is starting to ease as demand slowly comes back.
Energy data provider Genscape said earlier this week that stockpiles at the main US oil depot in Cushing, Oklahoma had increased by only 1.8 million barrels last week following weeks of major rises.
Washington, Apr 24: President Donald Trump has favoured a phased reopening of the US economy, devastated by the coronavirus pandemic, which has claimed nearly 50,000 lives and infected over eight lakh people in the country.
More than 95 per cent of the country's 330 million people are under stay-at-home order as a result of the social mitigation measures, including social distancing, being enforced till May 1.
Trump on Thursday indicated that the stay-at-home order might be extended beyond May 1, but vehemently advocated the need to gradually open up the economy.
In the past few weeks, more than 26 million Americans have filed for unemployment benefits and the figure is soon likely to cross 40 million.
Both the World Bank and the International Monetary Fund (IMF) have projected a negative growth in the US in 2020.
To keep America gaining momentum, every citizen needs to maintain the vigilance, and we all understand that very well we've gone over it many, many times this includes practising good hygiene, maintaining social distance, and the voluntary use of face covering, Trump said.
Safe and phased reopening of our economy -- it's very exciting, but it does not mean that we are letting down our guard at all in any way; on the contrary, continued diligence is an essential part of our strategy to get our country back to work to take our country back, he told reporters at his daily White House news conference on coronavirus.
The data and facts on the ground suggest that the US is making great progress, he said.
In 23 states, new cases have declined. In the peak week, 40 per cent of the American counties have seen a rapid decline in new cases. As many as 46 states report a drop in patients showing coronavirus-like symptoms, he said.
Trump said the US is very close to finding a vaccine for COVID-19.
We are very close to testing... when testing starts it takes a period of time but we will get it done, he said.
According to Vice President Mike Pence, data continues to show promising signs of progress in the New York Metro area, New Jersey, Connecticut, Detroit and New Orleans. All appear to be passed their peak and we are seeing consistent declines in hospitalisation and cases in regions across the country, he said.
Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.
US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.
Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.
Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.
The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.
The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.
Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.
The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.
AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.
"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.
Comments
Add new comment