Watch row: Cong high command not happy with CM's explanation

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, Jan 11: A large number of people from the Women India Movement on Saturday staged a protest against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC) here and raised slogans denouncing the newly enacted law.

Protestors were seen carrying placards that read, 'Stop diving India, Boycott CAA, NRC, NPR', 'We are humans, not criminals', 'Save India from fascism'.

"Today's youths are tomorrow's future. The present leaders are scared by the youths and are trying to wipe us out. They are scared of the students because they are raising their voices," a protestor told media.

"It started with the triple talaq, then the removal of Article 370 and Babri Masjid verdict. We Muslims kept quiet but now it is a question to our Constitution. We are not here as Muslims but as an Indian Citizen protesting against the cruelty of the BJP government," she added.

The protestor said the Central government is trying to make India a Hindu Rashtra by wiping out all other communities.

"This fascist government is trying to poison the minds of Hindus against the Muslims. After Muslims, there will be the Christian community and then other communities. The main motive of the government is to only keep Brahmins in India," added the protestor.

The newly-enacted law grants citizenship to Hindu, Sikh, Jain, Parsi, Buddhist, and Christian refugees from Pakistan, Afghanistan, and Bangladesh, who came to India on or before December 31, 2014.

Mysuru, Jan 19: The 'City of Palaces', for the first time in history, got a Muslim woman as its first citizen, on Saturday.

Tasneem, a JD(S) Corporator, is elected as the 22nd Mayor of Mysuru. The 34-year-old Tasneem is a second-time corporator, representing Ward number, 26. She defeated BJP candidate Geetha Yogananda, representing Ward no 65 of Srirampura, by a margin of 24 votes. Out of 70 members, who were present during the election, 47 voted for Tasneem, 23 for Geetha Yogananda.

Tasneem thanking the party leaders said the JD(S) gave her an opportunity to serve the city and its people. JD(S) gives more priority for minorities. The party facilitated the first Muslim Mayor, Arif Hussian, in 1996. Later, Congress corporator Ayub Khan served as mayor in 2008.

Women from different communities had served as mayor of the city, but, Tasneem is the first Muslim woman to be elected as Mayor of Mysuru.

Tasneem, a BA Graduate from Maharani's College, was proud for being the first citizen and thanked party supremo H D Deve Gowda, leaders H D Kumaraswamy, MLAs Sa Ra Mahesh, G T Devegowda, K S Rangappa, and her colleagues in the Mysuru City Corporation. Tasneem extended her gratitude to her voters, who voted her for the second time.  

'Mysuru is known for cleanliness. Thus, my first priority is to maintain cleanliness and I will work towards retaining the 'Clean city' tag. The city is facing issues related to street lights among others for many days. I will make prompt attempts to resolve them,' she said.

JD(S) city president K T Cheluvegowda said the party nominated Tasneem for mayor's post as per the suggestion from the party supremo H D Deve Gowda and other leaders. There were other aspirants, but, they were convinced and nominated Tasneem, he said.