Reckless riding: Bajrang Dal leader falls off bike, dies; saffronists call it a murder!

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, Mar 18: Karnataka Congress President DK Shivakumar on Wednesday met the Director-General of Police in Bengaluru and demanded police protection for Madhya Pradesh Congress MLAs and the removal of BJP workers from the hotel in Bengaluru, where the legislators are currently lodged.

"The (Madhya Pradesh) legislators have come here and have requested police protection, that is all. Let the police give them protection, our candidate (Digvijaya Singh) has come, let him meet the legislators. Why are BJP workers protecting them? We know that they are under threat and hence we need to vacate them (BJP workers)," Shivakumar told reporters here after the meeting.

"We will give protection to our men and that is why we are telling them they cannot stop us. They should be in a free and fair position. I have communicated to DGP that BJP needs to vacate," he added.

Earlier today, Congress' Rajya Sabha candidate from Madhya Pradesh and former chief minister Digvijaya Singh was placed under preventive arrest after he sat on a dharna near Ramada Hotel here, allegedly for not being allowed by police to meet the 21 Congress rebel MLAs lodged in a hotel.

"I am a Rajya Sabha candidate from Madhya Pradesh, voting is scheduled for March 26. My MLAs have been kept here, they want to speak to me, their phones have been snatched, the police is not letting me speak to them saying there is a security threat to MLAs," Singh told reporters.

Singh who sat on the dharna with a face mask on said: "We were expecting them to come back, but when we saw they're being held back, messages came from their families...I personally spoke to five MLAs, they said they're captive, phones snatched away, there is Police in front of every room. They're being followed 24/7," Singh said.

The development comes amid the political crisis in Madhya Pradesh after the exit of Jyotiraditya Scindia from the Congress party.

Scindia's departure was followed by 22 Congress MLAs resigning from the party as well as from the state legislative Assembly.

The resignation of these MLAs has left the Kamal Nath government below the majority mark.

Bengaluru, Mar 14: The Rashtriya Swayamsevak Sangh (RSS) on Saturday suspended its proposed Akil Bharatiya Pratinidhi Sabha (ABPS) meeting scheduled to be held in the outskirts of the city, in the wake of the outbreak of Coronavirus in the state.

'In view of the seriousness of the pandemic COVID-19 and in the light of instructions and advisories thereof issues by the Union and the state governments, the Akil Bharatiya Pratinidhi Sabha meeting scheduled in Bengaluru has been suspended', Sarakaryavah Suresh Joshi tweeted.

All Swayamsevaks should cooperate with the administrations to create awareness among the public and to face this successfully, he said.

It may be recalled that Karnataka State Government had ordered shut down of pubs, malls, theatres, and ban mass gatherings over the Coronavirus scare, on Friday.