A Dalit leader should become CM of Karnataka, says Parameshwara

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.

Hubballi, Jan 29: Thousands of people took part in a protest march against the Citizenship (Amendment) Act (CAA) causing traffic snarl in the city on Tuesday.

Various Dalit organisations had taken part in protest organised under the aegis of the 'Samvidana Samrakshana Samiti'.

KPCC members including MLA Prasad Abbayya, former Minister A.M. Hindasageri and office-bearers also joined the protest.

They congregated first at B.R. Ambedkar Statue near the Head Post Office in Hubballi. Holding flags and banners, the protesters marched from Ambedkar statue to mini Vidhana Soudha covering Lamington Road, Sangolli Rayanna Statue and Kittur Chennamma Circle.

Mr. Abbayya said that despite opposition from various minority communities and progressive organisations, the Union government had not changed its stand. The opposition would continue till the new law was repealed, he said.

He termed the CAA as a draconian law that meted out injustice to not only Muslims but also to Hindus. “Giving citizenship based on documents is highly condemnable. At a time when the country is undergoing an economic slowdown, it is highly condemnable that thousands of crores are being spent to enact the law. The Union government should immediately abolish the new law,” he said.

They submitted a memorandum to the Hubballi tahsildar that was addressed to the President, seeking abolition of the new law. In view of the march, the police had diverted traffic and had made elaborate bandobast.

Hubballi, Jan 30: Seeking to disabuse people of the notion that the Citizenship (Amendment) Act (CAA), recently passed by the BJP-led central government threatened the legitimacy of Muslims in the country, yoga guru Baba Ramdev on Wednesday said that he would among the first to take to the streets should the community face any such trouble. “If the National Register of Citizens (NRC) threatens injustice to Indian Muslims, it I not just I, but a billion Indians will protest against its implementation,” he added.

Recalling his longstanding association with Prime Minister Narendra Modi, Ramdev said, “I have known Modi for more than 15 years, and I can assure you that he cannot be called anti-Muslim. There is nothing in the CAA that threatens the rights of Muslims, some of whom are being misled by a few.”

The yoga guru said that, while 99% of the Muslims in India were patriotic, the remaining ones were seeking to divide the country, which he said was resulting in Islam falling into disgrace. “I appeal to all Muslims to keep away from such anti-national forces seeking to bring a bad name to Islam,” said Ramdev, calling on the people to stay united in the face of the severe economic crisis that the country was presently in the grips of.

He added that he was as committed to his goal of getting black money back to India. However, when quizzed by journalists as to how long he was willing to wait for PM Modi to realise this objective, Ramdev said, “Chodi, mere aur Modi ke beech jagada mat lao (Please do not incite a fight between Modi and me).”

The yoga guru also endorsed the decision of the Centre to recognise singer Adnan Sami with a Padma award.