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
Dear Shobha Karandlaje. This victim is a Beary. So kindly don’t include his name in your prolonged list of slain Hindu karyakarthas.
No anna the killers of RAO are BJP workers (minority sect) but BJP moved...this killer is a paid hitman,
Lesson for All Rowdy if we play with other life one day our life will end .. like tiz..
THAQDHEER BANA NE WALA KAM NAHEEN ! JIS KO KYA MILA WO MUQADDAR KI BAAT HAI
Cops wanted him dead.
That’s why he got bail.
Anyway this is a cleanup drive.
So many cases against him, really a big threat to the mangalore. Good Decision by police department :P
Inna Lillahi wa inna ilayhi raji'un,
Notorious rowdy died a dog’s death!
This may be the preplanned murder, big question is how he can get bail so soon.
No He was gang leader of Target Group.
Inna Lillahi wa inna ilayhi raji'un, how can he get bail so soon, need to question our Constituency?
out of contest! in mangalore no ending of murder?
Inna lillahi wa inna ilayhi raji'un, May allah grant him Jannah
Inna Lillahi wa inna ilayhi raji'un, dear brothers this s eye opener incident to all, pls leave peacefully.
is this same guy who killed Deepak Rao?
Youth dont understand the situation in mangalore. for every start thr will be a bad ending.
he recieved what he wanted.
Really sad but he was really a threat to the society.
Inna Lillahi wa inna ilayhi raji'un
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