Currency notes issued before to 2005 to be withdrawn

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, Jul 2: A BJP MLA in Dakshina Kannada has tested positive for covid-19.

Dr Bharat Shetty, who represents Mangaluru North Assembly constituency, took to Twitter to confirm the news.

“I have been tested covid-19 positive. With all your blessings, I'm recovering and will be under treatment for few days,” he tweeted. 

He also requested the people to maintain social distancing, wear masks while going out and wash hands frequently.

I have been tested COVID19 positive.
With all your blessings, I'm recovering & will be under treatment for few days.

Requesting everyone to please maintain social distancing, wear mask while going out and wash hands frequently.
Please take care of yourselves & your near one's.

— Dr Bharath Shetty (@bharathshetty_y) July 2, 2020

Kasaragod, May 30: Karnataka origin IPS officer D Shilpa has been appointed the new Superintendent of Police of Kasargod district.

The 35-year-old 2016-batch IPS officer is the first woman SP of Kasaragod. 

Her appointment follows the sudden transfer of P S Sabu who was hitherto holding the post. He has now been appointed as SP of Alappuzha.

Shilpa has earlier served as ASP of Kasargod. She was also ASP of Kannur during the 2019 Lok Sabha elections.

Shilpa was one of the three IPS officers assigned to Kasaragod with IG Vijay Sakhare during the first phase of covid lockdown.

A native of HSR Layout in Bengaluru, Shilpa holds a Bachelor's degree in Electronics Engineering and a Masters Degree in Business Administration.