Oil prices fall as US-China tensions offset coronavirus hope

News Network
May 6, 2020

Singapore, May 6: Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.

Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.

US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.

Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.

They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.

But gains were capped Wednesday as dealers follow a brewing US-China row after Donald Trump hit out at Beijing over its handling of the outbreak, saying it began in a Wuhan lab, but so far offering no evidence.

"Traders are incredibly cautious this morning, weighing all the possible China responses," said Stephen Innes, chief global market strategist at AxiCorp.

"And the one that would hurt the most would be for China to reduce imports of US oil."

This week's rally was in part driven by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.

There have also been signs that the massive oversupply in the market is starting to ease as demand slowly comes back.

Energy data provider Genscape said earlier this week that stockpiles at the main US oil depot in Cushing, Oklahoma had increased by only 1.8 million barrels last week following weeks of major rises.

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Agencies
February 10,2020

Hubei, Feb 10: The death toll in the deadly coronavirus outbreak in China and other parts of the world has reached 904, CNN reported citing Chinese authorities on Monday.

The number of infected people globally has now hit the 40,000 mark.

According to the country's health officials, the number of people, who died from coronavirus in the Hubei Province, has risen to 871.

"As of 24:00 on February 9, Hubei Province reported a total of 29,631 cases of new coronavirus pneumonia, including 16,902 cases in Wuhan. 22,160 patients are still being treated in hospitals. 73,127 people remain under medical observation," read the statement from the Chinese Regional Health Committee.

The novel coronavirus was first detected in China's Wuhan city in late December and has since spread to more than 25 countries.

On Sunday, the new coronavirus even surpassed the fatalities caused by the SARS epidemic in 2003.

The World Health Organisation (WHO) has declared a global health emergency in the wake of the outbreak.

Meanwhile, WHO's international expert mission led by Dr Bruce Aylward embarked for China.

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News Network
June 19,2020

London, Jun 19: Malala Yousafzai, the youngest Nobel Peace Prize winner who once took a bullet for campaigning for girls' education in Pakistan, was over the moon on Friday after completing her degree in Philosophy, Politics and Economics at Britain's prestigious Oxford University.

Malala, 22, who attended Oxford's Lady Margaret Hall college, took to Twitter to share two pictures that show her celebrating the milestone with her family.

"Hard to express my joy and gratitude right now as I completed my Philosophy, Politics and Economics degree at Oxford," she said in the tweet, accompanied by two pictures - one showing her sitting with her family in front of a cake that says: 'Happy Graduation Malala', and the other in which she is covered with cake smiling for the camera.

In the tweet, the famed human rights activist also revealed her plans for the immediate future - Netflix, reading and sleeping.

"I don't know what's ahead. For now, it will be Netflix, reading and sleep," she wrote.

Malala was shot in the head by the Taliban militants in December 2012 for campaigning for female education in the Swat Valley in northeastern Pakistan.

Severely wounded, she was airlifted from one military hospital in Pakistan to another and later flown to the UK for treatment.

After the attack, the Taliban released a statement saying that they would target Malala again if she survived.

At the age of 17, Malala became the youngest recipient of the Nobel Peace Prize for her education advocacy in 2014 when she shared the coveted honour with India's social activist Kailash Satyarthi.

Unable to return to Pakistan after her recovery, she moved to Britain, setting up the Malala Fund and supporting local education advocacy groups with a focus on Pakistan, Nigeria, Jordan, Syria and Kenya.

The Taliban, who are against girls' education, have destroyed many schools in Pakistan.

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Agencies
March 15,2020

Jakarta, Mar 15: Indonesia's transport minister is in intensive care after testing positive for the novel coronavirus, an official has said, as schools and tourist attractions were ordered to close over the health threat.

Transportation Minister Budi Karya Sumadi was receiving treatment at an army hospital in Jakarta, State Secretary Pratikno said on Saturday.

A hospital spokesman said Sumadi was encountering difficulty breathing but that his condition was improving.

Pratikno said Sumadi was involved in virus mitigation efforts, particularly the evacuation of Indonesians from epicenters of the outbreak, and that President Joko Widodo had called for tests to be carried out on other ministers.

Cases of the virus in Indonesia, the world's fourth most populous country, have jumped from zero two weeks ago to 96, with five deaths, according to government spokesperson Achmad Yurianto.

He also said the virus has spread outside Greater Jakarta to Bandung in West Java, Solo in Central Java, Manado in North Sulawesi, Pontianak in West Kalimantan, as well as holiday havens Yogyakarta and Bali.

Following the increase, the government on Saturday established a task force on COVID-19 mitigation.

Jakarta's Governor Anies Baswedan announced that schools would close for two weeks starting Monday, and ordered the closure of city-owned tourist attractions, such as Ragunan Zoo and Ancol beach.

He emphasized that Jakarta would not be locked down but urged people "to be responsible" and called for social distancing when possible.

Similarly, the administration of Solo, Central Java, Friday announced that schools and tourist attractions would close after a coronavirus patient died in the region.

The World Health Organization has said it is particularly concerned about high-risk nations with weaker health systems, which who may lack the facilities to identify cases.

A day after declaring the coronavirus outbreak to be pandemic this week, WHO chief Tedros Adhanom Ghebreyesus called Indonesia's president Widodo and both agreed to "scale up cooperation."

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