Javed Akhtar seeks arrest of Karnataka Muslim cleric

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, Feb 29: The BJP leaders in Karnataka rallied behind Vijayapura MLA Basanagouda Patil Yatnal amid a controversy over his remarks that centenarian freedom fighter HS Doreswamy was a "Pakistani agent."

The saffron party leaders have extended support to Yatnal, days after he called Doreswamy a "fake freedom fighter" who behaves like a "Pakistani agent".

Yatnal made the comments at a press conference on February 25 while reacting to a query on a public meeting organised by the Congress titled 'Save the Constitution'.

"There are many fake freedom fighters. There is one in Bengaluru. Now we have to say what Doreswamy is. Where is that old man? He behaves like a Pakistan agent," Patil had said.

"Doreswamy is an elderly person and senior to all. He had participated in various agitations. He should also see what to talk and who will be hurt with those statements. We have all seen what he said about Prime Minister Narendra Modi," Primary and Secondary Education Minister S Suresh Kumar told reporters in Kodagu on Saturday reacting to Yatnal's outburst against Doreswamy.

Noting that the statements were made in bitter taste, Kumar said, "If you speak unpleasant (things), you will hear unpleasant."

Bellary City MLA G Somashekara Reddy too backed Yatnal saying that the his statement was appropriate. "There is nothing wrong in his statement. It is absolutely correct. I support him. It is not just okay to be a freedom fighter, but he should be a 'Deshbhakt' (patriot) too, who respects the unity and integrity of the nation."

On Friday, another BJP Minister KS Eshwarappa slammed Doreswamy alleging that he had visited Amulya Leona's residence and shared a good relationship with her family.

Leona had raised 'Pakistan Zindabad' slogans at an anti-CAA event here on February 21, taking everybody present by shock and dismay.

"We respect Doreswamy but he dances to the tune of Congress and supports whatever their leaders say," Eshwarappa said.

Bengaluru, Jan 12: Janata Dal (Secular) chief and former prime minister H D Deve Gowda on Sunday refuted reports of him contesting in the Rajya Sabha elections and added that he is more concerned about strengthening his party in Karnataka.

"I am not interested in going to Rajya Sabha. My concern is to build and strengthen the party in the region to the best of my ability. I had declared earlier that I will not contest elections anymore," Deve Gowda told ANI here.

"My party MP D Kupendra Reddy is there in the Rajya Sabha as of now and further decisions will be taken by the party. In March 2019, towards the end of the 16th Lok Sabha I had declared that I will not contest any more elections," Deve Gowda added.

Four Rajya Sabha seats in Karnataka are about to fall vacant in June this year as two of Congress, one of BJP and JD(S) MPs retire.