Modi-Shah duo didn’t hesitate to sideline Advani; imagine the fate of Yeddyurappa: C M Ibrahim

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, Jun 4: The Karnataka government has tweaked quarantine requirements for people arriving from Maharashtra, raising the isolation time from a fortnight to three weeks, an official said on Wednesday.

"Returnees from Maharashtra will be sent to institutional quarantine for seven days, followed by 14 days strict home quarantine, total 21 days," tweeted Health Commissioner Pankaj Kumar Pandey.

The 21-day quarantine regimen is for all asymptomatic people returning from Maharashtra, considering most of the Covid cases in Karnataka are having domestic travel history to that state.

If any of the asymptomatic people develop symptoms during the isolation, they will be subjected to a Covid test.

However, some asymptomatic individuals from Maharashtra have been provided some exceptions from the three-week quarantine and designated as special category passengers.

Special category passengers include people who suffered a death in family, pregnant women, children below 10, elderly people above 60, individuals suffering from serious illness and human distress.

Similarly, the department has also made some provisions for business travellers from Maharashtra.

"To establish that one is a business visitor, (that) person should show confirmed return flight or train ticket which should not be more than seven days later from the date of arrival," ordered Chief Secretary T.M. Vijay Bhaskar.

Similarly, if a business visitor is arriving on road, he should provide the address proof of the person in Karnataka he intends to meet.

Additionally, such a person should also produce a Covid negative test certificate which is not more than two days old.

"One does not have a Covid negative test certificate such a person should go for institutional quarantine for two days within which Covid test should be conducted at his own cost. After the test result is negative, that person is exempted from quarantine," he said.

However, business travellers have been exempted from hand stamping.

Amending the Sunday orders, Bhaskar, has enhanced the quarantine requirements for Maharashtra returnees.

Many conditions for visitors from other states remain mostly unchanged as notified on Sunday.

Bengaluru, Jun 10: The Karnataka Anti-Corruption Bureau on Wednesday conducted raids at 14 places linked to four government officials in the state.

On receiving received credible information about the officials amassing disproportionate assets, an illegal assets case was registered and raids are being conducted at 14 places linked to them, ACB said in a release.

It said the raids are still on and investigation is being carried out about their assets.

Raids are being conducted on properties linked to L Sathish Kumar, Additional Commissioner, Department of Commercial Tax; N Ramakrishna, Divisional Forest Officer, Srinivasapura, Kolar; Gopalshetty Mallikarjuna, Executive Engineer, District Development Cell, Raichur; Raghappa Lalappa Lamani, Krishna Bhagya Jala Nigam Ltd official in Almatti, Bagalkote, the release said.