Oil prices rebound on lower output from US, Russia

Agencies
October 1, 2019

Oct 1: Oil prices rebounded in early Asian trade on Tuesday after production at the world's largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices.

December Brent crude futures rose 44 cents, or 0.7% to $59.69 a barrel by 0202 GMT, while U.S. West Texas Intermediate crude was up 39 cents, or 0.7%, at $54.46 a barrel.

Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the U.S.-China trade war.

"Asia has seen some profit-taking from short-term money and other bargain hunters," Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA in Singapore, said.

"Any rallies though are likely to be met with plenty of sellers as a slowing global economy and the recovery of Saudi production outweigh any Middle East risk factors for now."

Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a Reuters survey showed.

Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the head of its trading arm said on Monday. Saudi Arabia pumped about 9.78 million barrels per day (bpd) in August.

Still, OPEC's output fell to the lowest in eight years in September at 28.9 million bpd, down 750,000 bpd from August's revised figure and the lowest monthly total since 2011, a separate Reuters survey found.

Output at the world's two largest producers, the United States and Russia, also fell in July and September, respectively.

Russia's output declined to 11.24 million bpd in Sept. 1-29, down from 11.29 million bpd in the previous month, sources said, although it's still above the quotas set in an output deal between Russia and OPEC.

U.S. crude oil output fell 276,000 bpd in July to 11.81 million bpd as federal offshore Gulf of Mexico production slid, according to a U.S. Energy Information Administration monthly report released on Monday.

US production peaked at 12.12 million bpd in April.

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Agencies
August 3,2020

New York, Aug 3: The number of coronavirus cases confirmed all over the world has surpassed 18 million, while the global COVID-19 death toll stands at over 687,000 according to data from the Johns Hopkins University's Coronavirus Resource Center.

As of 06:00 Moscow time on Monday (03:00 GMT), there are 18,017,556 confirmed coronavirus cases in the world. The global death toll from COVID-19 stands at 687,930. The number of recovered individuals stands at 10,649,108.

The United States remains the country with the largest number of cases (4,665,932) and the highest COVID-19 death toll (154,841), according to the latest data from the Johns Hopkins University.

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News Network
March 19,2020

Rome, Mar 19: Italy on Wednesday reported 475 new deaths from the novel coronavirus, the highest one-day official toll of any nation since the first case was detected in China late last year.

The total number of deaths in Italy has reached 2,978, more than half of all the cases recorded outside China, while the number of infections stood at 35,713.

The previous record high of 368 deaths was also recorded in Italy, on Sunday. The nation of 60 million has now recorded 34.2 percent of all the deaths officially attributed to COVID-19 across the world.

With the death rate still climbing despite the Mediterranean country entering a second week under an effective lockdown, officials urged Italians to have faith and to stay strong.

"They main thing is, do not give up," Italian National Institute of Health chief Silvio Brusaferro said in a nationally televised press conference.

"It will take a few days before we see the benefits" of containment measures, said Brusaferro. "We must maintain these measures to see their effect, and above all to protect the most vulnerable."

Imposed nationally on March 12, the shutdown of most Italian businesses and a ban on public gatherings are due to expire on March 25.

But school closures and other measures, such as a ban fan attendance at sporting events, are due to run on until April 3.

A top government minister hinted Wednesday that the school closure would be extended well into next month, if not longer.

The rates within Italy itself remained stable, with two-thirds of the deaths -- 1,959 in all -- reported in the northern Lombardy region around Milan, the Italian financial and fashion capital.

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News Network
June 30,2020

Washington, Jun 30: Indian-American Medha Raj has been named by Democratic presidential candidate Joe Biden as his digital chief of staff, a key role in his election campaigns which are entirely going virtual due to the Covid-19 pandemic in the US.

In this capacity, Raj will work across all facets of the digital department to streamline and coordinate how to maximise the impact of its digital outputs, the Biden campaign said.

“Excited to share that I've joined Joe Biden's campaign as the Digital Chief of Staff. 130 days to the election and we're not going to waste a minute!” she said on LinkedIn.

Raj comes from Pete Buttigieg's campaign, who has now endorsed Biden.

The news was first reported by CNN, which the news channel said is part of the efforts of the Biden campaign to adapt to an almost entirely virtual campaign trail brought on by the coronavirus pandemic.

The US is the hardest-hit country by the coronavirus pandemic, with more than 2.64 million official cases and over 128,000 deaths.

According to CNN, Clarke Humphrey, who previously worked on Hillary Clinton's 2016 campaign, will act as the Biden campaign's new deputy digital director for the grassroots fundraising.

Jose Nunez is the campaign's new digital organising director.

He is from the Kamala Harris' campaign. Christian Tom is the new director of digital partnerships. Over the past few months, Biden has been relying more and more on digital campaigning and raising funds virtually.

A graduate in international politics from Georgetown University, Raj has earned her MBA from Stanford University.

Biden, 77, is challenging the 74-year-old Republican incumbent President Donald Trump in the November 3 presidential elections.

Former US vice president Biden would formally accept his Democratic presidential nomination at the party’s scaled back convention in Wisconsin’s Milwaukee city on August 20.

In view of the coronavirus pandemic, the Democratic National Convention Committee (DNCC) on Wednesday announced its convention plan to broadcast from Milwaukee and across the nation to reach out to all Americans.

According to some of the latest opinion polls, Biden is leading by more than eight percentage points over Trump.

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