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

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

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...

SFA raids several restaurants in Karachi, imposes fine

KARACHI: The Sindh Food Authority (SFA) on Friday raided several restaurants in city’s North Nazimabad area over unhygienic conditions, ARY News reported. According to the SFA, one of the restaurants was found utilizing the used oil multiple times. The items were also not properly frozen while crockery for serving the food was also not clean. The team imposed a fine of Rs 50,000 on the restaurant. The SFA team found hygiene standards were sheerly compromised in food making to the core. The food inspectors said they had previously served notices to the food outlets, but the restaurant owners apparently turned a blind eye to it. Raids were also conducted in district Malir and Gulshan-e-Hadeed. Sanitary conditions and lack of fumigation facilities were found at the restaurants in some of the Malir outlets. The SFA team also raided a bakery ‘Friend Bakers’ and imposed a fine of Rs 20,000 over poor hygiene. Similarly another roadside restaurant was fined Rs 20,000 for neglecting he...

Trump says US generals feel Beirut blast was likely an ‘attack’

WASHINGTON: President Donald Trump on Tuesday cast a massive explosion in Beirut as a possible attack, despite statements by Lebanese leaders that it was likely caused by highly explosive material that had been stored at warehouses in the capital for years. “The United States stands ready to assist Lebanon,” Trump said at a White House briefing of Tuesday’s explosion, which killed at least 78 people and injured thousands. “It looks like a terrible attack.” When asked later about his depiction of the explosion, Trump said that he had met with some U.S. generals who feel the blast was not “some kind of a manufacturing explosion type of event.” He told reporters that according to these unnamed generals “they seem to think it was an attack. It was a bomb of some kind.” The Pentagon referred questions to the White House. Two U.S. officials, speaking on the condition of anonymity, said it was unclear where Trump was receiving his information but that initial information did not appear...

Siasat Wala Blog

Search This Blog