Health of migrants should not be jeopardized as they return to their places: HD Kumaraswamy

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.

Newsroom, May 26: A migrant worker died of hunger while a 10-month-old boy suffering from fever and breathing difficulties died negligence in two separate incidents onboard Shramik Special trains in Uttar Pradesh.

The 46-year-old dead migrant worker’s nephew, who was accompanying him, said that the victim had not eaten anything in the last 60 hours.

Raveesh Yadav said that no food or water was provided on the train, which they had boarded from Mumbai to travel to their native place in Jaunpur district in Uttar Pradesh.

Yadav and his uncle were working as construction workers in Mumbai.

Yadav told the paper that the train had left the Lokmanya Terminal in Mumbai, at 7pm on May 20 and arrived at its final stop, Varanasi Cantonment station, at 7.30am on May 23.

“But my uncle, who was complaining of hunger and pain all over his body, fainted half an hour before we reached Varanasi Cantonment and died within a few minutes,” Raveesh was quoted as saying.

He added that he and his uncle were hungry when they boarded the train but could not find food or water to buy.

Railways’ apathy

Meanwhile, the family of 10 month old child, who died in the train, alleged that the railways did not arrange for a doctor despite their repeated pleas.

The railway doctors had been moved to Covid-19 hospitals and by the time a doctor was provided at Tundla railway station, it was too late, the report quoted the child's grandfather, Dev Lal, as saying.

Lal said that the family members had tried to speak to the GRP at many stations, including at Aligarh, where the train had halted. "But they showed no interest and said any help would be available only in Tundla,” Lal said.

Railways officials then took the kin to a quarantine centre in Tundla, as they suspected that the baby had died because of the novel coronavirus.  It was only on Monday that the incident came to light when another individual at the quarantine facility intimated journalists after the condition of the child's mother worsened.

Last November, the mother of the child, Priyanka Devi of Bihar's Notan village in West Champaran, had gone to visit her parents who reside in Noida with the baby, who was then just four months old. Her husband Pramod Kumar is a farmer, the report added.

Mangaluru, Jan 13: A truck parked at the site of protest against the new citizenship law and National Register of Citizens (NRC) at Deralakatte on the outskirts of the city was charred down to ashes after it was set on fire by miscreants, police said here on Monday.

Police said that Deralakatte Citizenship Protection Committee had organised a protest rally against the Citizenship Amendment Act (CAA) here on Sunday. After the rally concluded, a few unidentified miscreants set the vehicle on fire.

The incident resulted in chaos, causing panic among the locals who informed the police immediately.

Condemning the incident, the local unit of Popular Front of India has claimed that the incident was an attempt by saffronist goons to disrupt peace and trigger communal riot in the region. It has urged the police to nab the accused immediately without yielding to any political pressure.