Karnataka govt forms panel to rejuvenate 17 polluted river stretches

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, Jan 27: No power can now stop Kashmiri Pandits from going back to Kashmir, Defence Minister Rajnath Singh said on Monday, forcefully defending the NDA government’s decision to reorganise Jammu and Kashmir and abrogating its special status under Article 370.

Addressing a massive pro-CAA, NRC rally organised by the Bharatiya Janata Party at Gold Finch city, Kuloor, on the outskirts of the city, the Defence minister also sent a strong message to Pakistan and said India will not let anyone live in peace if it is harmed.

"We will not touch anyone, but if someone bothers us, then we are not going to let them live in peace," he said.

Referring to the exodus of a large number of Kashmiri Pandits from the Valley in the late 1990s at the height of militancy, Singh said no power now can stop them from returning to their homes.

On the Citizenship Amendment Act, the minister said it is not a law to hurt the sentiments of any religion but to give relief to victims of religious persecution.

Mahatma Gandhi had told Nehru to give citizenship to minorities like Hindus and Sikhs if they come to India and Prime Minister Narendra Modi has fulfilled that vision by bringing in the law, Singh said.

On several non-BJP states refusing to implement the CAA, the defence minister said it it is a central law and everyone should follow it.

Accusing the Congress of misleading people on the issue, he said the party should not forget its duty towards the nation just because it is in opposition.

Bengaluru, Jun 2:  With easing of COVID-19 lockdown curbs, the Karnataka excise department has accorded permission for fresh brewing or production of beer and to sell it in microbreweries as takeaways.

"Permission is hereby accorded to microbreweries for fresh brewing/production and sale of beer as takeaway in glass, ceramic or stainless steel container (up to 2 litre) till 30-06-2020, or until further orders, whichever is earlier," the Excise Commissioner in a letter dated June 1 to Deputy Excise Commissioners of all districts said.

The opening and closing hours of the microbreweries shall be from 9 am to 9 pm, it said, adding that all other conditions as laid down will remain unaltered.

Earlier, in a letter dated May 12, the Excise Commissioner had "conditionally" granted permission for microbreweries to sell their beer stock as takeaway on experimental basis for the period from May 14 to June 30 or until exhaustion of existing beer stock, whichever is earlier.

It had called for measures like social distancing, cleanliness, usage of masks and sanitizers, among others, and had said, microbreweries situated in containment zones are not allowed to function.