Skip to main content

Oil prices slump as COVID-19 cases surge past 700,000 globally

Oil prices

LONDON: Oil prices plunged Monday as the number of novel coronavirus cases worldwide surged past 700,000, reinforcing worries about the impact of the pandemic on the global economy.

Stock markets reacted differently to the prospect of much of the world remaining in confinement for weeks to come, with some moving higher as officials moved to deal with the crisis, while others slid further.

Crude oil struck the lowest levels in more than 17 years on Monday, with Brent North Sea tumbling to $22.58 per barrel at one point.

“Estimates for the (oil) demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia” regarding their price war, Commerzbank said in a client note.

There are warnings that oil could sink even further as storage tanks around the world approach full capacity.

Saudi Arabia, meanwhile, announced it would raise exports by 600,000 barrels per day to a record 10.6 million barrels per day in May.

In Asia, stock markets mostly fell following the steep drop on Wall Street and in Europe on Friday. Australia was out on its own — its stock market surging 7% as the country’s virus infections slowed, while after the close of trade in Sydney, the government unveiled an income-support plan worth US$80 billion.

European stocks were mostly lower in afternoon trading as the number of deaths in the regions jumped past 25,000 and the economic cost of the pandemic is becoming more apparent.

The post Oil prices slump as COVID-19 cases surge past 700,000 globally appeared first on ARY NEWS.

Comments

Popular posts from this blog

K-Electric fined Rs2 mn over weak power supply system

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday imposed a fine of Rs2 million on the K-Electric. According to a statement issued by the power regulatory authority, the K-Electric was penalized over non-compliance of performance standards, particularly its failure to restore power supply within the prescribed time frame and to ensure the safety of public in Karachi. Quoting media reports, it said large swathes of Karachi remained without electricity due to the tripping of almost 700 feeders during rainy weather in June last year, which resulted in long power blackouts ranging from 24 hours to 48 hours in almost 50% areas of Karachi. Further, there were also reports of fatal injuries to some people owing to electrocution. The Nepra took notice of the situation in Karachi and directed the K-Electric to immediately provide a detailed report on the tripping of feeders and electrocution incidents along with preventive and corrective steps taken by K-Elec...

Accountability court hears assets case against Ishaq Dar

ISLAMABAD: An accountability court in Islamabad on Wednesday resumed the hearing of a reference filed against former finance minister Ishaq Dar by the National Accountability Bureau (NAB) for allegedly accumulating assets beyond his known sources of income.  Judge Muhammad Bashir is recording the statement of a prosecution witness, Ishtiaq Ahmed. At the previous hearing, the accountability judge had reserved his verdict on an application filed by two co-accused seeking acquittal in the case. Naeem Mehmood and Mansoor Rizvi, who are directors of Dar’s companies, had filed the application requesting the judge to exonerate them from all charges for want of evidence. Qazi Misbah, the counsel for the two co-accused, contended the prosecution has failed to provide compelling evidence to prove the allegations leveled against his clients. The third co-accused President National Bank of Pakistan (NBP), Saeed Ahmed, had already filed an application before the court for his acquittal wh...

Qatar to hike minimum wage ‘by end of year’

DOHA: Qatar could increase the minimum wage for migrant workers by the end of 2018, unions predicted on Monday, as the 2022 World Cup host seeks to push through labour reforms. It would be the first change to the monthly wage since its introduction by the gas-rich Gulf state last November. “By the end of the year we expect a new minimum wage to be set, that’s good news,” said Sharan Burrow, general secretary of the International Trade Union Confederation. Burrow did not name a figure but said the new wage would be calculated by assessing a “basket of goods”. She was speaking after meeting Qatar’s labour minister, Issa al-Jufali al-Nuaimi, and other government officials in Doha over the past two days. The minimum wage was set at 750 riyals a month ($206, 170 euro) on its introduction. In addition to the salary, labourers receive free accommodation, food and healthcare plans, covered by employers. The 750-riyal figure has been criticised as too low. “We believe it is not good e...