‘Independent’ Jignesh Mevani gives a blow to BJP in Gujarat; wins from Vadgam

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, Apr. 10: Karnataka Congress leader DK Shivakumar on Thursday appealed to party workers to save the lives of people of the state and show solidarity with the people in need amid the coronavirus lockdown.

"Humble appeal to Congress party workers that the time has come to do our best to save the lives of people of Karnataka. Hospitals across Karnataka are running short of blood. This is a call for able-bodied to volunteer & donate blood. Let us show solidarity with people in need," Shivakumar tweeted.

With 16 fresh COVID-19 cases reported in the last 24 hours, the total number of confirmed cases in Karnataka reached 197 on Thursday, according to the state's Health Department.

India's total COVID-19 cases rose to 5,865 on Thursday, with 591 new cases reported in the last 24 hours, according to the Ministry of Health and Family Welfare.

Bengaluru, May 5: The Karnataka government is planning to maintain a Health database of its citizens in the backdrop of experience gained from the COVID-19 pandemic, Medical Education Minister K Sudhakar said on Tuesday.

In a statement issued here, he said a “Health Register” will be maintained to keep track of all health issues of the people and the project will be implemented first in Chikkaballapur district on an experimental basis.

“COVID-19 has provided enough experience for all of us and therefore, there is a need to maintain health data of each person. The government will be undertaking a survey using a team of Primary Health Centre officials, Revenue officials, Education department staff and Asha Workers,” the Minister said in a release here.