Polygamy is better than prostitution': BJP condemns Ibrahim's statement

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.

Wayanad/Thiruvananthapuram, Apr 24: Amid the strict lockdown, a school teacher travelled from Thiruvananthapuram to Muthanga in Wayanad -- a distance of about 465 km -- on her way to neighbouring Karnataka en route to Delhi following which cases have been registered against her and an excise official.

The woman, Kamna Sharma, said to be working in Kendriya Vidyalaya, Pattom, undertook the journey on April 21 along with her two year-old daughter, police sources told news agency PTI.

An Excise Circle Inspector, Shahjahan, had provided his vehicle to travel allegedly on the instructions of Malappuram excise officer, in whose private vehicle, the woman and the child had reached Wayanad border from Thiruvananthapuram, the sources said.

The two were charged under the Kerala Epidemic Act and various sections of the IPC including sect 269 (negligent act likely to spread infection) and 271 (disobedience to quarantine rule).

Because of the lockdown even inter-district travel is not allowed by police and district administration, unless there is an extremely genuine reason.

A senior police official in Thiruvananthapuram said he does not remember issuing any such pass.

The woman may have "misused" government machinery as private vehicles would have been stopped somewhere during the long journey, he said.

She came to Kalpetta in Wayanad allegedly in an official car of the excise department.

Wayanad District police chief R Elango said that an FIR has been filed based on preliminary information and investigations have begun.

"We will check if she has followed procedures in obtaining a pass and if she made any false claim to get the pass."

As per preliminary information the woman came in an excise official's car from Thamarassery (Kozhikode) to Muthunga(Wayanad), he said. Her mode of transport before that--from Thiruvananthapuram to Wayanad--will also be investigated, he said, adding they have no information if she has reached Delhi.

"We will track down her movement," he said Meanwhile, theWayanad district administration has intensified the lockdown protocol from Thursday to prevent people's movement within and from outside the district/state.

Interception at all the check posts on district an state borders of the district, bordering Tamil Nadu and Karnataka, will also be intensified. No one would be allowed to travel frequently to and fro the district under the pretext of official duty.

Wayanad collector Adhila Abdulla said officials from outside the district will no longer be allowed to commute daily.

"Elderly people above the age of 65 should confine to their homes unless it is extremely urgent or unavoidable. Cases will be registered against family members who allow elderly people to go out for buying medicines and other essentials," she said.

Senior citizens, who live alone, can call either the Fire (101) or Police (100) departments for any help and to get things they need, the collector said.

Whatever relaxations were in place have also been withdrawn with effect from Thursday, she added.

Wayanad and Thiruvananthapuram come under the "Orange B" zone where there are some relaxations.

However, Thiruvananthapuram city limits falls under the hotspot area.

Police said a case was also registered against a doctor and her husband who entered Kerala from Tamil Nadu border.

Bengaluru, Apr 11:  Amid nationwide lockdown in the wake of COVID-19, former Karnataka Chief Minister HD Kumaraswamy on Saturday urged the state government to announce a relief package for farmers.

Prime Minister Narendra Modi on Saturday held a video conference with Chief Ministers.

Taking to Twitter, Kumaraswamy wrote, "As the lock down continues, what action plan does the government have to tackle the challenges of ensuring marketing channels for farm produce with timely transport and ensuring uninterrupted supply of essential groceries to towns and cities?"

He later asked the government to act "swiftly and effectively".

"On one hand we see farmers throwing their produce in despair and losing their livelihoods. On the other hand supplies to towns are depleting. This is threatening both lives and livelihoods. The government must act swiftly and effectively," Kumaraswamy tweeted.

"I urge the state government to immediately announce relief package to farmers by way of direct benefit transfer mechanism and purchase all the agricultural produce so as to avoid farmer suicides," he added.

With 40 deaths and 1,035 new COVID-19 cases in the last 24 hours, India on Saturday witnessed a sharpest ever increase in coronavirus cases, taking the tally of the infected people in the country to 7,447, according to the Ministry of Health and Family Welfare.