Oil prices fall as US-China tensions offset coronavirus hope

News Network
May 6, 2020

Singapore, May 6: Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.

Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.

US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.

Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.

They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.

But gains were capped Wednesday as dealers follow a brewing US-China row after Donald Trump hit out at Beijing over its handling of the outbreak, saying it began in a Wuhan lab, but so far offering no evidence.

"Traders are incredibly cautious this morning, weighing all the possible China responses," said Stephen Innes, chief global market strategist at AxiCorp.

"And the one that would hurt the most would be for China to reduce imports of US oil."

This week's rally was in part driven by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.

There have also been signs that the massive oversupply in the market is starting to ease as demand slowly comes back.

Energy data provider Genscape said earlier this week that stockpiles at the main US oil depot in Cushing, Oklahoma had increased by only 1.8 million barrels last week following weeks of major rises.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
March 27,2020

London, Mar 27:  British Prime Minister Boris Johnson said Friday he has tested positive for the new coronavirus, but remains in charge of the U.K.'s response to the outbreak.

Johnson's office said he was tested on the advice of the chief medical officer after showing mild symptoms.

It said Johnson is self-isolating at his 10 Downing St. residence and continuing to lead the country's response to COVID-19.

In a video message, Johnson said he had a temperature and a persistent cough.

Over the last 24 hours I have developed mild symptoms and tested positive for coronavirus.

I am now self-isolating, but I will continue to lead the government’s response via video-conference as we fight this virus.

Together we will beat this. #StayHomeSaveLives pic.twitter.com/9Te6aFP0Ri

— Boris Johnson #StayHomeSaveLives (@BorisJohnson) March 27, 2020
"Be in no doubt that I can continue, thanks to the wizardry of modern technology, to communicate with all my top team, to lead the national fightback against coronavirus."

Earlier this week Britain’s Prince Charles announced that he had tested positive for the virus.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 12,2020

Beijing, Mar 12: The number of fresh infections at the epicentre of China's coronavirus epidemic dropped to a new low on Thursday but the country imported more cases from abroad.

Another 11 people died, the lowest daily increase since late January, bringing the toll in China to 3,169 deaths, according to the National Health Commission.

There were only eight new cases in Wuhan, the city where the virus first emerged in December before growing into a national crisis and a pandemic.

It is the first time that new cases in Wuhan, the capital of Hubei province, have fallen to single-digits since figures started to be reported in January.

With cases falling dramatically in recent weeks, authorities this week began to loosen some restrictions on Hubei's 56 million people, who have been under quarantine since late January.

Healthy people living in low-risk areas of the province can now travel within Hubei. While Wuhan is not included, some of the city's companies were told they could resume work.

Only one other non-imported case was recorded elsewhere in the country.

But as global hotspots emerge elsewhere, China fears that cases arriving from abroad could undermine its progress.

On Thursday there were six more imported cases reported, bringing the total of infections from overseas to 85, health officials said.

Beijing has ordered a 14-day quarantine for everyone arriving in the city from any country.

Travellers flying into Beijing Capital International Airport from high-risk countries are now handled separately from other passengers.

A total of 80,793 people have now been infected in China.

President Xi Jinping said this week during his first visit to Wuhan since the crisis erupted that the spread of the disease has been "basically curbed" in China.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 23,2020

Washington, Feb 23: U.S. president Donald Trump on Saturday said he was looking forward to being with his "great friends" in India next week as he retweeted a short video in which his face was superimposed on the hit movie-character Bahubali, showing the president as a great saviour bringing peace to his kingdom.

Trump will pay a state visit to India on February 24 and 25, accompanied by a high-level delegation including first lady Melania Trump, his daughter Ivanka, son-in-law Jared Kushner and a galaxy of top American officials.

"Look so forward to being with my great friends India!" Trump said in the tweet.

Along with the tweet, Trump retweeted an 81-second video by a Twitter account identified as "Sol" with the handle Solmemes1.

"To celebrate Trump's visit to India I wanted to make a video to show how in my warped mind it will go... USA and India united!" the handle Solmemes1 tweeted in the original post with the video.

Trump appears as a great saviour, in the short animated clip, riding on a chariot with Melania. A few stills later, Trump is seen riding a horse carrying on his shoulders his son Donald Jr and daughter Ivanka.

Later, he is welcomed by Narendra Modi in a village setting. Hundreds and thousands of people are seen welcoming Trump in the video.

"This week Trump will visit India and in celebration I have created a new meme for the occasion... You few, who are my patrons, get to see it first!" Sol told viewers on subscription content service Patreon on Saturday. A few hours later, Trump retweeted the video.

In the Twitter description, Sol describes herself as "award winning master memetician, professor of memology at University of GFY, my views are my own and not associated with real life."

The Trump-Bahubali video, which ends with "USA and India United", went viral after Trump retweeted it. In a few hours, it was seen by nearly 6 lakh people.

Sol in one of her previous posts, dated January 23, writes she was inspired by a video of Bahubali sent to her by a friend, which is the story of 'good defeating evil.'

This inspired Sol to create her first Bahubali-theme meme. The video, lasting 93 seconds, is titled "Jiyo Re Baahu Trump", in which the first lady is seen wearing a saree. "Jiyo Re Bahubali," is the theme song of the video.

"I just loved this video when I saw it! A friend sent it to me and he told me that it is the story of good defeating evil... it was so fitting I had to make it (meme)..." Sol wrote in her post.

Sol's posts show that she is an admirer of Trump. Sol's January 23 video was released at the peak of Trump's impeachment proceedings.

Trump is seen being greeted by an elephant, which bears the logo of the Republican Party.

Towards the end of the video, Trump is seen riding the elephant, and putting on fire the effigy of "Raavan" marked as "D" in a big circle representing the opposition Democratic Party.

An arrow is given by warrior Narendra Modi to the First Lady, who then passes it on to Trump, before he lights the effigy.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.