Missing Malaysia plane last seen at Strait of Malacca: Source

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Kabul, Jun 12: A blast in a mosque during Friday prayers in the western part of capital Kabul has killed at least four people and wounded many more, Afghanistan's interior ministry said.

"Explosives placed inside the Sher Shah Suri Mosque exploded during Friday prayers," said a statement issued by the ministry, which added that the mosque's prayer leader Mofleh Frotan was among those killed.

Interior ministry spokesman Tariq Arian said police have cordoned off the area and helped move the wounded to ambulances and nearby hospitals.

No group immediately claimed responsibility for the attack but a mosque attack earlier this month was claimed by an ISIL (or ISIS) group affiliate, headquartered in eastern Afghanistan's Nangarhar province.

"Interestingly, every time you have the peace process gaining some momentum and pace, you have these kinds of attacks in the country," Habib Wardak, a national security analyst based in Kabul, told Al Jazeera.

"The Islamic State group claimed responsibility for the attack that happened last week on a mosque in Kabul, so despite the fact that you have these news and press conference from the government that they have eliminated ISIL, how can they conduct such sophisticated operations?"

Friday's blast had parallels to one earlier this month, when an explosion tore apart a famous Kabul mosque and led to the death of renowned Afghan cleric Maulvi Ayaz Niazi.

"In this attack, the imam seems to be the target, not the rest of the crowd. These are the imams who have supported the peace process with the Taliban movement," Wardak said.

"The other political aspect for these kinds of attacks is that there are peace spoilers trying to convey a message that peace with the Taliban will not eradicate violence in the country because you have ISIL."

Violence has spiked in recent weeks in Afghanistan with most of the attacks claimed by the ISIL affiliate.

The United States blamed the armed group for a horrific attack last month on a maternity hospital in the capital that killed 24 people, including two infants and several new mothers.

The ISIL affiliate also took responsibility for an attack on a bus carrying journalists in Kabul on May 30, killing two.

It also claimed credit for an attack on the funeral of a strongman loyal to the government last month that killed 35 people.

Meanwhile, the US is attempting to broker peace talks between the Afghan government and the Taliban to end 18 years of war.

Washington's peace envoy Zalmay Khalilzad was in the region earlier this week trying to resuscitate a US peace deal with the Taliban.

The peace deal signed in February calls for the withdrawal of the US and NATO troops from Afghanistan in return for a commitment by the Taliban to not launch attacks on the US or its allies.

As Peru begins to ease its strict coronavirus lockdown, the country's biggest LGBTQ nightclub opened its doors on Tuesday, but there will be no nighttime revellers; its dance floor will instead be filled with shelves stocked with groceries.

Instead of slinging cocktails at the bar or dancing on stage, ValeTodo Downtown's famed staff of drag queens will sell customers daily household products as the space reopens as a market while nightclubs are ordered to remain closed.

The Peruvian government will lift the lockdown in most regions of the country at the beginning of July but will keep borders closed, as well as nightclubs and bars.

The lockdown has been a struggle for the club's 120 employees like drag queen Belaluh McQueen. Her life completely changed when the government announced the quarantine. Her nights were spent at home, rather than performing as a dancer at the club in vivid-coloured costumes.

"I was very depressed because I have been doing this art for years, but you have to adapt to new challenges for the future," said McQueen, who is identified by her stage name.

Now McQueen is back to work as a grocery store employee, wearing a sequined suit, high heels and a mask. A DJ will play club music as patrons shop. "We have a new job opportunity," McQueen added.

Renamed as Downtown Market, the club, which has been a mainstay hallmark of the local LGBTQ community, ushered in its reopening with an inauguration ceremony.

"Before, I used to come here to dance and have a good time, but now we come to buy," said Alexandra Herrera, a regular attendee of the club. "The thing is to reinvent yourself."

The club's general manager, Claudia Achuy, said that the pandemic impacted the heart of Lima nightlife, but she chose to reopen as a market rather than risk cutting staff. "If we had just stayed as a nightclub we did not have a close horizon or a way of working," Achuy said.

Peru's confirmed coronavirus cases rose to 282,364 with 9,504 associated deaths on Monday, according to government data. It has the second-highest outbreak in Latin America after Brazil, according to a Reuters tally.