‘You failed to protect people’: HDK targets BSY govt over poor handling of covid-19

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.

Tumuku, Jul 6: Senior Congress leader and Kunigal MLA Dr H D Ranganathm tested positive for COVID-19 on Monday.

The 48-year-old Congress legislature, a doctor by himself, was admitted to Manipal hospital and recovering, he said in a tweet.

Dr Ranganath said he took all precautions, yet could not save himself from the virus and advice people to not to take the contagion lightly.

Mangaluru / Dammam, July 14: As many as 180 NRIs from Karnataka who were stranded in Saudi Arabia amid Covid 19 crisis today reached their home country by a flight charted by a Jubail based company KMT.

The Indigo flight carrying 174 adult passengers and 6 infants took off from King Fahad Airport, Dammam at 6:30 a.m. and landed at Mangaluru International Airport at 1:30 p.m.

Pregnant women, people with serious ailments and those who lost jobs are among the passengers. KMT has provided free ticket for some of the passengers who were in dire need of support.

KMT is a company which is head quartered in Jubail, Saudi Arabia was formed by natives of Addoor, Dakshin Kannada -  Shoukath, Abdul Razaq, Siddique and Abdul Rahman.

The CEO of KMT, Mr. Abdul Razaq has thanked Dr. Arathi Krishna, former president of KNRI Forum for her support to KMT in chartering flight.

He has also has expressed his gratitude to D.K district administration, director of SACO  company Mr. Althaf Ullal and KMT operation Manager Mr. Sadiq Ahmed and his team for their cooperation.