SDPI holds ‘Raj Bhavan Chalo’ demanding repeal of NRC in Assam

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, Feb 6: A 33 -year-old techie who was on the run after allegedly bludgeoning her mother to death and attempting to murder her brother at their house near KR Puram early on Sunday was arrested along with her friend from a hotel in Port Blair, Andaman and Nicobar Islands, on Wednesday morning.

C Amruta and Sridhar Rao were produced before a court in Port Blair to get a transit warrant, deputy commissioner of police (Whitefield) MN Anuchet said. Police initially thought she had committed the crime as she was unable to repay a loan of Rs 15 lakh and feared being humiliated by the lenders.

"But now we strongly suspect that Amruta and Rao were in a relationship, which was opposed by her mother and brother. We don't see any other reason for her to attack her family members. We can get more details only after questioning the duo," another police officer said, adding, "The most important question is: Did Rao know Amruta was going to kill her mother? Or he got to know about it only later? He'd booked their air tickets to Port Blair on January 31 itself."

Rao and Amruta worked together in a software company in Whitefield till 2017. "Then they joined different firms and were in constant touch," police said.

Preliminary probe revealed the duo flew to Port Blair by catching a flight from Kempegowda International Airport (KIA) at 6.30am on Sunday. CCTV footage had shown Rao - wearing a full-face helmet and carrying a backpack - waiting near Amruta's house on a gearless scooter on Sunday morning. After she arrived, they chatted for a while before riding away. They arrived at KIA on the same bike, police said.

"We checked the passengers' list at KIA for that day and found Amruta's name. With the help of Port Blair police, we traced the duo to a hotel," an investigating officer said.

On Sunday morning, Amruta hit her 54-year-old mother C Nirmala on the head with a digging bar. She later stabbed her younger brother C Harish in the neck. Harish collapsed and thinking that he was dead, she left the house.

In his statement to police, Harish stated, "Around 4.30am, Amruta entered my room and stabbed me. I asked her what was wrong. She said she had a debt of Rs 15 lakh and didn't want the debtors to harass me and our mother."

Bengaluru, Jan 19: Two college students have been arrested for allegedly spiking their female friend's drink and sexually assaulting her in Bengaluru.

The 19-year-old victim filed a complaint against the two accused, following which they were nabbed. In her complaint, the victim said that the two friends persuaded her to accompany them in a party where one of them allegedly spiked her drink.

Feeling unwell, she wanted to return to her PG, but the two managed to convince her to stay back at their place, where they allegedly sexually assaulted her.

"After some time one of my friends gave me something to drink and I vomited. I felt uneasy and decided to return to my PG. However, he forced me to go to his house stating that I was not in a condition to go to my PG. He convinced me saying that I can go home in the morning. I did not suspect any foul-play as he was a friend," the victim was quoted as saying by the publication.