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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.

New Delhi, May 3: The Indian Council of Medical Research (ICMR) has crossed over one million RT-PCR tests for COVID-19 on Saturday evening marking a big landmark, ICMR officials said.

"We have tested about 10,40000 tests till Saturday evening. In a few days, we have increased our testing capacity. ICMR has been doing more than 70,000 tests in the last two consecutive days," he said.

On Saturday, ICMR released that a total of 976363 samples have been tested till date. From May 1 till evening on Saturday, 1,37,346 tests were done.

The top three states which are doing vigorous testing includes--Maharashtra, Tamil Nadu and Rajasthan. As on date, these three states have conducted more than one lakh test respectively.

However, Andhra Pradesh, Uttar Pradesh, Karnataka and Delhi still need to ramp up their testing capacity.

ICMR has always emphasised that the confirmatory test for diagnosis of COVID-19 infection is RT-PCR test of the throat and/or nasal swab, which detects virus at an early stage. Recently, Dr GS Toteja, Additional Director General of ICMR had said that to contain coronavirus infection, RT-PCR tests must be continued vigorously as the principal diagnostic tests.

RT-PCR tests are now available in 310 government laboratories and 111 private set up across the country.

On Friday, the Centre informed that ICMR has ordered 21.35 lakh diagnostic kits. As on date, India has reported about 37,776 confirmed coronavirus cases and 1223 deaths.

Palakkad, Jun 1: An 11-month-old boy, whose parents are placed under COVID-19 quarantine, drowned in a bucket of water in Chalissery at Palakkad district.

The toddler Muhammed Nisan was the son of Muhammad Sadiq. The parents of the child are under home quarantine after Sadiq's brother, who is living in the same home was tested positive of COVID-19.

The child was found dead in a bucket of water kept in the bathroom on Saturday around 10 pm.

Chalissery police said that ''further actions will be taken only after the test result comes out. We have filed an unnatural death case on this.''

Since the family has been quarantined, the body of the baby has been shifted to the Thrissur Medical College for COVID-19 testing.