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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News Network
May 21,2020

London, May 21: Working mothers in Europe and the United States are taking on most of the extra housework and childcare created by lockdown - and many are struggling to cope, a survey showed on Thursday.

Women with children now spend an average 65 hours a week on the unpaid chores - nearly a third more than fathers - according to the Boston Consulting Group, which questioned parents in five countries.

"Women have been doing too much household work for too long, and this crisis is pushing them to a point that's simply unsustainable," Rachel Thomas, of U.S.-based women's rights group LeanIn.Org, said in response to the data.

"We need a major culture shift in our homes and in our companies ... We should use this moment to build a better way to work and live – one that's fair for everybody."

Researchers say fallout from the pandemic weighs on women in a host of ways, be it in rising domestic violence or in lower wages, as some women cut paid work to take on the new duties.

With lockdowns shutting schools and keeping citizens at home, creating a mountain of domestic work, public campaigns from Georgia to Mexico have urged men to do their fair share.

But women, who on average already do more at home than men, are now shouldering most of the new coronavirus burden, too, said the survey of more than 3,000 working parents in the United States, Britain, Italy, Germany and France.

Women's unpaid hours at home have nearly doubled to 65 hours a week, said the survey, against 50 logged by an average father.

British women are more likely to support others in the COVID-19 pandemic and are finding it harder to stay positive, according to separate analysis released this week by polling firm Ipsos MORI and feminist organisation The Fawcett Society.

It is "no surprise" to see women do more childcare and housekeeping on top of their day jobs, Jacqui Hunt of women's rights group Equality Now, told the Thomson Reuters Foundation.

However, there are "hopeful signs" that men in West Africa are sharing more childcare during the pandemic in a shift in social norms, found a small rapid analysis by humanitarian organisation CARE International released on Wednesday.

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News Network
May 27,2020

Geneva, May 27: The number of confirmed cases of COVID-19 worldwide has increased by nearly 100,000 over the past 24 hours to surpass 5.4 million, the World Health Organisation (WHO) said.

According to the WHO, the global case tally currently stands at 5,404,512 -- a rise by 99,780 over the past day.

The death count worldwide amounts to 343,514 -- an increase by 1,486.

Most cases of infection are recorded in the Americas -- 2,454,452, with 143,739 deaths.

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Agencies
June 6,2020

The President of United States Donald Trump has said that countries like India and China would have much more coronavirus cases than America if they conduct more tests.

“I say to my people every time we test; you find cases because we do more testing. If we have more cases, if we wanted to do testing in China or in India or other places, I promise you there would be more cases you are doing a fantastic job in getting out the swabs,” the US president said on Friday.

Trump said that the US has carried out 20 million tests while compared to America, Germany is at four million and much talked about South Korea is about three million tests. He made the remarks at Puritan Medical Products in Maine, according to Johns Hopkins Coronavirus Resource Center.

The US has reported nearly 1.9 million cases and over 1,09,000 deaths while the total number of coronavirus cases in India and China stand at 2,36,184 and 84,177 respectively, according to Johns Hopkins Coronavirus Resource Center data.

India has so far conducted over 4 million COVID-19 tests, according to the health ministry.

Trump said, “we will be well over 20 million tests. Remember this, when you test more, you have more cases.”

“Puritan is one of the only manufacturers in the world producing high-quality medical swabs that are crucial for rapid testing. And every swab you make at Puritan is proudly stamped with the beautiful phrase made in the USA,” Trump said.

“Thanks to the testing capacity that you are making possible, our country is reopening and our economy is recovering like nobody would’ve thought possible,” he added.

Trump also spoke about the huge unemployment problem the country is currently facing. He said that the economy is now back on track, referring to the latest monthly employment numbers,.

“We absolutely shattered expectations, and this is the largest monthly jobs increase in American history, think of that; that’s a long time,” Trump said

“I think it’s more than double or about double of what our highest was before so this is the largest monthly job increase in American history. And we’re going to have a phenomenal next year. We’re going to have a tremendous couple of months prior to the election on November 3 very, very important date,” the president said.

Keeping an eye on the November 3 presidential elections, Trump is seeking re-election for his second consecutive term. He is pitted against Democratic presidential nominee Joe Biden who in opinion polls is surging several points of Trump.

“It’s going to be a very important election because the only thing that can screw it up is if you get the wrong president and they raise your taxes, and they open up your borders so that everybody pours into our country,” Trump said.

Trump also vowed to bring the American economy back on track, which has been badly hit by the coronavirus pandemic. He reiterated that his administration has built a strong economy in the last three years.

Describing the fight against coronavirus as the greatest national and industrial mobilisation since the World War II, Trump said that his administration has marshaled the full power of the US government and US industry to defeat the invisible enemy.

“It is indeed an enemy. It came from China, should have been stopped in China. They didn’t do that,” he alleged.

The administration, he said, has delivered over 1.5 billion pieces of personal protective equipment to doctors and nurses on the front lines. We slashed the red tape to speed up the development of vaccines.

“And vaccines are coming along incredibly well, wait till you see, and therapeutics. And we partnered at private sector leaders such as Puritan to build the largest and most advanced testing capacity on the face of the earth, like this one,” the US president said.

The Puritan factory in Maine, he said, quickly ramped up the production to produce nearly 20 million foam-tipped swabs each month.

“Then in April, my administration invoked the Defence Production Act to help you scale up even more. Under a USD 75 million public-private partnership, Puritan will soon double production to 40 million swabs per month,” Trump added.

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