No evidence of terror link: 10 Muslim youths released by Delhi police

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.

Mangaluru, Feb 13: A college student was killed when a bullet tanker knocked his motorbike down near Nanthoor Circle in the city today. 

The deceased has been identified as Karthik Malya, a resident of Mannegudda. He was a final year degree student of Besant College in the city. 

The incident took place when Karthik was from Suratkal to Mangaluru. The bullet tanker reportedly hit the two-wheeler from behind and ran over him. He died on the spot.

Bidar, Feb 5: The police has intensified investigation into the 'sedition case' against the management and staff of a school here, where children are facing chare of insulting Prime Minister Narendra Modi and others, in the context of CAA, in a drama they staged on January 21.

The police again visited Shaheen School on Tuesday and questioned children and staff -- this time in plain clothes, after their questioning of children in uniform on January 28 drew criticism from some quarters, a school official said.

"Morning three police personnel came with two members of Karnataka State Child Rights Protection Commission. Later, the deputy superintendent of police H Basaveshwara joined them.

The cops were in civil dress," the official said.

The police have been questioning the children and staff about those who wrote the script and assigned to deliver specific dialogues.

Police have already arrested Nazbunnisa, the mother of one of the children, who had allegedly delivered the controversial dialogue and their teacher Fareeda Begum, who oversaw the event.

When contacted, the deputy superintendent of police of Bidar H Basaveshwara refused to comment on the matter saying that he was still investigating the case.

Meanwhile in Bengaluru, Congress MLA and former minister U T Khader slammed the BJP government in the state as well as the Centre for "filing sedition charges against people".

Addressing a press conference, he alleged that the Central and state governments were trying to suppress the voice of people in the country using law enforcement agencies.

Khader claimed that the two women who "depicted the problems they were facing" in the drama were booked under the sedition law. During investigation, the children were forced to sit at the police station, he alleged.