Oil drops second day as surging coronavirus cases prompt demand worries

CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices

TOKYO (Reuters) – Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7%, to $39.29. The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.

“It is important to keep in mind that moves to the downside have the potential to be supersized,” given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York. CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices in the coming months and potentially years. Weighing heavily on markets is the continued depressed demand for jet fuel, with air travel in the doldrums due to coronavirus restrictions and a general disinclination to travel.

Refineries have been trying to find ways to blend their product but an oversupply remains and some plants will be forced to shut down. Marathon Petroleum Corp, the largest oil refiner in the United States, started imposing job cuts on Tuesday, according to people familiar with the matter. To counter the fall in demand the Organization of the Petroleum Exporting Countries is unlikely to increase oil production as planned from January next year, traders said on Tuesday…Read More

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

Back in TV studio after release from jail, Arnab dares Maharashtra CM

Goswami also singled out Mumbai police commissioner Param Bir Singh for his ‘illegal’ arrest on November 4 in a 2018 suicide abetment case Back in the familiar environs of the TV newsroom after a week in judicial custody, journalist Arnab Goswami on Wednesday hit out at Maharashtra Chief Minister Uddhav Thackeray for arresting him in a ‘fake’ case. “Uddhav Thackeray, listen to me. You lost. You have been defeated,” said Goswami (47), while being surrounded by visibly relieved colleagues from his Republic TV channel. Soon after his release from Taloja jail near Mumbai around 8.30 pm, Goswami drove to the Lower Parel studio of the channel, of which he is the Editor-in-Chief. Arnab Goswami also singled out Mumbai police commissioner Param Bir Singh for his ‘illegal’ arrest on November 4 in a 2018 suicide abetment case. Goswami said that while in Taloja jail since November 8, he was subjected to three rounds of police interrogation. “Uddhav Thackeray, you arrested me in a...

Mi Notebook Ultra review: Xiaomi energises the boring consumer PC segment

The Mi Notebook Ultra challenges the conventions set by the legacy consumer PC makers by democratising features and specifications usually seen in laptops that cost almost twice as much I was planning to buy a midrange laptop and was amazed to see that every other legacy brand in the consumer PC market had products with similar features and specifications. Blame the oligopoly, but as a consumer I was almost convinced that the product offerings by the legacy PC makers were the best available in the market. And then was released the Mi Notebook Ultra by Chinese technology company Xiaomi. A premium laptop, the Mi Notebook Ultra challenged the conventions set by legacy consumer PC makers by democratising features and specifications usually seen in laptops that cost almost twice as much as the top-end model (review unit – Rs 76,999) on offer here. Starting with the design, the Mi Notebook Ultra boasts a unibody made of series 6 ...

Budget 2018-19

Search This Blog