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.

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Agencies
July 17,2020

Washington, Jul 17: US President Donald Trump's economic adviser Larry Kudlow has said that TikTok may cut off ties to its Chinese parent and become a 100 per cent American company to circumvent demands to ban it as India has done.

"I think TikTok is going to pull out of the holding company which is China-run and operate as an independent American company," he told reporters at the White House on Thursday.

The US has not made a final decision on whether to ban it - which has been suggested by Secretary of State Mike Pompeo, he said.

TikTok being divested by ByteDance Technology Company "is a much better solution than banning or pushing away", said Kudlow, who is the Director of the National Economic Council.

He said that its services will be located in the US and "it will become an hundred per cent American company".

If it becomes a US company without Chinese links, India may have to reconsider the ban on the short video app wildly popular in the country.

India banned TikTok along with 58 other Chinese apps on June 29 citing threats to its defence and national security.

The ban came after a deadly clash between Indian and Chinese troops along the Line of Actual Control in Ladakh.

Under Beijing's National Security Law, all Chinese companies have to provide intelligence requested by the government, creating risks for users and their countries.

India was TikTok's biggest market outside of China, where it operates as Douyin.

There were about 200 million users in India and over 300 million downloads.

The US comes next with over 30 million users for the app.

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News Network
May 9,2020

Islamabad, May 9: A female doctor posted at Pakistan Institute of Medical Sciences (Pims) Mother and Child Hospital (MCH), who was tested Covid-19 positive, has exposed Pakistan's mismanagement in handling the patients affected with the deadly virus.

Identified herself as Dr. Sharbat, she made a video of herself locked in an isolated room when the authorities failed to provide any medical assistance to her.

According to Pakistani media, the Pakistan Institute of Medical Sciences (Pims) Mother and Child Hospital (MCH) and the operating theatre in the Children's Hospital were sealed on Tuesday after 15 people from both facilities were diagnosed with Covid-19.

Dr. Sharbat said that despite having Covid-19 symptoms after her colleague doctor was tested positive, she was forced to perform duty by the hospital authorities.

After she tested positive, Dr. Sharbat has isolated herself in a room and has requested the hospital authorities to provide her a bed in the hospital.

She said, "I am isolated in a small room. There is no toilet and other facilities at this place. I have requested the authorities several times to provide me proper bed because I cannot go home as my son and father is there. I have no other place to go. Its been several hours now and the administration is busy doing meetings. They have no idea about my location. I have called the concerned officials several times and requested for a room in the hospital, but they said that they are looking for it. This is the kind of arrangements we have that a doctor, who was serving the patients, is not able to get proper care".

Dr Sharbat said that she is feeling depressed after seeing the response of authorities tackling with Covid-19 crisis in the country.

She added, "It is unfortunate that the government salutes [health professionals] but is not willing to provide isolation rooms."

Pakistan's position in the global ranking in respect of Covid-19 dropped from 24th to 22nd after the number of positive cases increased to 26,806 (till May 08) with the addition of 1,791 new cases.

However, the National Coordination Committee (NCC), chaired by Prime Minister Imran Khan, had decided to substantially ease the lockdown from Saturday after detailed deliberations and consultations with the provinces.

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News Network
March 21,2020

Rome, Mar 21: Italy on Friday reported a record 627 new deaths from the novel coronavirus, taking its overall toll past 4,000 as the pandemic gathered pace despite government efforts to halt its spread.

The total number of deaths was 4,032, with the number of infections reaching 47,021.

Italy's previous one-day record death toll was 475 on Wednesday.

The nation of 60 million now accounts for 36.6 percent of the world's coronavirus deaths.

Italy has seen more than 1,500 deaths from COVID-19 in the past three days alone.

Its current daily death rate is higher than that officially reported by China at the peak of its outbreak around Wuhan's Hubei province.

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