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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.

Bengaluru, Jul 1: Karnataka registered a record 1,272 Covid positive cases to breach the 16,000- mark to take the states tally to 16,514, while seven people succumbed to the dreaded virus, an official said on Wednesday.

"New cases reported from Tuesday 5 p.m. to Wednesday 5 p.m. 1,272," said a health official.

In the past 24 hours, seven people have succumbed to the virus, two each in Bengaluru Urban and Bidar and one each in Dakshina Kannada, Belagavi and Hassan, taking the state''s death toll to 253.

Of the record number of cases in the last 24 hours, Bengaluru Urban bore the brunt with 735 infections, taking the city''s tally rise to 5,290, out of which 4,649 are active cases.

Among the new cases, excluding Bengaluru, Ballari accounted for 85, followed by Dakshina Kannada (84), Dharwad (35), Bengaluru Rural (29), Vijayapura and Hassan (28 each), Uttara Kannada (23) and Udupi (22).

Chamarajanagar witnessed 21 cases, followed by Bagalkote (20), Tumkur (19), Davangere (16), Chikkaballapura (15), Kalaburagi and Ramanagara (14 each), Koppal (13), Raichur and Chitradurga (12 each), Yadgir, Bidar and Belagavi (8 each), Kodagu (7), Mandya and Kolar (5 each), Shivamogga (3), Gadag (2) and Chikkamagaluru (1).

Of the 1,272 new cases, 1,068 or 84 per cent are contacts of earlier cases while domestic returnees accounted for 42 cases or 3 per cent.

On Wednesday, 145 people got discharged from different hospitals, elevating the total number discharges to 8,063.

Of the 16,514 cases in Karnataka, 8,194 are active cases.

Bengaluru, June 19: The throat swabs of a Bengaluru-based Kannada journalist, who passed away on June 18, were tested positive for the covid-19, officials said.

Gauripura Chandru (54), who was one of the sub-editors of Vijaya Karnataka Kannada daily newspaper, had reportedly suffered cardiac arrest.

It is learnt that Chandru wasn’t keeping well for past few days. He collapsed at his home on Thursday afternoon and was immediately rushed to a hospital, where doctors pronounced him dead.

A native of Gauripura in Chitradurga district, Chandru had completed graduation in engineering. However, he had chosen journalism as his profession.