Patriots cannot hate Indians; RSS backstabbed motherland, says Ramya

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.

Mangaluru, Feb 25: Notorious gangster Ravi Poojary,

who has been extradited to India from Senegal, has 34 cases registered against him within the city police commissionerate.

Now in Bengaluru police custody for interrogation in connection with several cases there, Poojary faces cases relating to murder, murder attempt, extortion and threat calls in the city, police sources said.

Sources said the city police are trying to get Pujari for interrogation though it would take a while as the court has allowed Bengaluru police to keep him in custody for questioning and evidence taking for 15 days.

Most of the cases in the city against him, 28 of them, are in connection with threat calls.

He had allegedly made threat calls in 2015 to the then state ministers B Ramanath Rai and Abhayachandra Jain, demanding immediate arrest of the accused in the murder of Bajrang Dal worker Prashanth Poojary.

All the cases against Poojary in the city were registered between 2007 and 2018.

Cases involving murder, death threats and shootouts are among the cases to be investigated, the sources said.

A total of 28 cases of death threat calls, one of murder, three of shootouts, one of abduction and a case of funding his associates lodged in prison are the crimes being probed by the city police.

The cases are now pending in courts at different stages of trial.

Cases of making threat calls to businessmen using his associates demanding protection money have been registered at Moodbidri, Kavoor, Kadri, Konaje, Barke and Urwa police stations.

Some of his associates were imprisoned in 2012 in connection with threat calls to a businessman from Kinnigoli.

The case relating to providing them money while in prison was also registered in the same year.

Pujari, wanted in many cases including extortion and murder in different parts of the country, including Karnataka and who had been on the run for over 15 years, was deported to Senegal following his arrest and later extradited

He had jumped bail in Senegal last year after being arrested there.

Udupi, Jan 17: Six fishermen were rescued by members of another fishing boat after their boat capsized off Gangolli coast in the District recently.

Police on Friday said that the fishing boat, belonging to Jayalakshmi of Kodi Kanyana, had set sail from Malpe towards Gangolli on the night of January 12. On Wednesday (Jan 15) the vessel’s hull got damaged and water began gushing in.