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.
Over 200 Dalit families near Vedaranyam claim to have been banned from participating in the temple festival, while 35 Dalit families in Karur complai that they were barred from even entering the local Mahasakhthi Amman temple. They claim that the temple was built using their contributions.
Comments
Masha Allah
Majority of Indian population are dalit, If 70% of dalits convert to Islam in India.Islam will become the number one in India.
Any individuals while choosing religion, he will go for the best religion.
Finally he will find Islam, because Islam is the best and easy to follow religion.
Accepting any religion means, agreeing its doctrine and following its teaching.
It has come to from the heart. Nobody can force to follow any religion nor can force to change it.
It comes from his inner conscience, what he or she feels comfortable.
We may force somebody to remain in the same religion or we can force also to change into any religion, which is like asking someone to agree and believe 2+2=3. Even if a person agrees to come under pressure, it means, he is not following its teaching by will and wish. So he can definitely violate and disobey its teaching.
Now coming into this case, first of all they are not comfortable what their fellow followers did them to ban the entry into temple. And no equality in their society. This is the main reason
Now choosing new religion is purely understanding and convincing its doctrine and real teaching.
Our constitution also empowers everyone to follow freely any religion. Not only this, it also empowers to propagate to others.
It is a great constitution.
Guide them properly OR Leave them alone.
Accepting any religion means, agreeing its doctrine and following its teaching.
It has come to from the heart. Nobody can force to follow any religion nor can force to change it.
It comes from his inner conscience, what he or she feels comfortable.
We may force somebody to remain in the same religion or we can force also to change into any religion, which is like asking someone to agree and believe 2+2=3. Even if a person agrees to come under pressure, it means, he is not following its teaching by will and wish. So he can definitely violate and disobey its teaching.
Now coming into this case, first of all they are not comfortable what their fellow followers did them to ban the entry into temple. And no equality in their society. This is the main reason
Now choosing new religion is purely understanding and convincing its doctrine and real teaching.
Our constitution also empowers everyone to follow freely any religion. Not only this, it also empowers to propagate to others.
It is a great constitution.
Guide them properly OR Leave them alone.
Welcome brothers and sisters ....Proud to be MUSLIMS
Islam invites people who learn about it and understand it. not to increase numbers....no need to convert just because they are not allowed in temples, they can follow their faith even from their hearts.
@ venki
Islam does not allow forced conversion.....we invite to the path of Islam. If someone wills then only..moreover we are not minorities in the world like you.....
@yogesh..
i think the people already know better to join islam than supporting RSS Terrorrists right....
Hari, nothing is impossible in this world, for that you need good heart and mind which I cannot see it in those so called hindutva group....they are all still remaining in their old and orthodox thinking. As a matter of fact there is no such a thing called upper and lower cast in the society but it has been created by bloody brahmins for their benefits...
Venke, Sangeeth .....if you feel that one can pray at home, then why you people are fighting for Ayodhya temple.... Beef exporting hypocrites....
If they convert to Islam....there they get all types of respect, which they have not seen and imagined in their entire past life...great religion......nice choice....well come guys....
Sangeeth Manglore
Yeah... they can pray anywhere as they are considered born out of feet.. Only those born out of Gods head, needed rich temples to pray and enjoy public wealth. Opportunistic
Hindutva group will do nothing if Dalits convert to Jainism, Buddhism but, as soon as Dalits want to convert to Islam or Christianity, Saffronist will come into action with some stupid solution
The best solution is as mention by Mr Rikaz, that all the Dalits must get BRAHMIN STATUS then all the discrimination may end.
Good that hindutava group is taking initiative......they should upgrade their status from lower caste (dalit) to upper caste (Brahmin) This is only the amicable solution for this problem, otherwise this problem (ill treating dalit) will recur every now and then.
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