Those who killed Gauri, Kalburgi will be arrested shortly, says Home Minister

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, Jan 30: Karnataka Chief Minister B S Yediyurappa, who reached the national capital on Thursday, said he will discuss the much-awaited Ministry expansion with the BJP high command.

"It's been long that I visited Delhi. I will meet the party national president J P Nadda and Home Minister Amit Shah and take their suggestions on the cabinet expansion," Yediyurappa told reporters.

The chief minister said he will also call on Finance Minister Nirmala Sitharaman and Petroleum Minister Dharmendra Pradhan and discuss about development issues related to Karnataka.

Yediyurappa has been anxiously waiting for the high command's nod to expand his ministry amid intense lobbying by the aspirants.

Opposition parties have been critical of the BJP and Yediyurappa over the delay in cabinet expansion, alleging that he was weak and that the administration had collapsed.

As the chief minister has already made it clear that 11 of the disqualified JDS-Congress MLAs who got re-elected in the bypolls on BJP tickets will be made ministers, lobbying has been on in the party for the remaining ministerial berths.

Currently, there are 18 Ministers, including the chief minister in the cabinet that has a sanctioned strength of 34. Sixteen berths are vacant.

Bengaluru, Jul 15: Karnataka Congress Chief D K Shivakumar on Wednesday urged the Ministers in the state to visit Covid-19 designated hospitals and instil confidence among patients, doctors and medical staff there.

Noting that doctors, nurses and others were doing a great job, Shivakumar said the government has to stand with them and instil confidence in them. Speaking to reporters after visiting Victoria hospital, a major dedicated Covid hospital in the city, he said, "All the Ministers have to go to hospitals and instil confidence in the staff, patients.... they have to remove fear and tell them we will have to live with this (virus), and cannot escape from it."

Shivakumar said he believes that by instilling confidence most part of the diseases can be cured. He lauded doctors, paramedical and other staff working at the Hospital for the sake of patients, putting their own life at risk and appreciated facilities provided there.

During the visit, the state Congress President interacted with patients undergoing treatment for Covid-19, also medical staff and doctors. He said at Victoria hospital patients were allowed to use mobile phones, so that they can speak to family members, which has to an extent instilled confidence among them, and the same has to be replicated across the state.

Not wishing to comment on complaints about the quality of facility and PPE kits provided at the hospital, also alleged misappropriation on part of the government in the purchase of equipment for Covid treatment, Shivakumar said, "....let's see that at Vidhana Soudha (seat of state's legislature)." He said, "this is not the time to talk about corruption and other things, this is not the time for it....instilling confidence among patients, doctors and paramedical staff is important now."