Oil prices fell about 4% on Thursday as India’s coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year.
Brent crude was down $2.74, or 3.9%, at $66.58 a barrel by 1:07 p.m. ET (1707 GMT,) after rising 1% on Wednesday. West Texas Intermediate (WTI) <CLc1> was down $2.86, or 4.3%, to $63.22 a barrel, having risen 1.2% in the previous session.
If the losses are sustained, both contracts would mark their biggest daily drops in percentage terms since early April.
Prices also came under pressure as the stock market has been pressured by inflation concerns earlier in the week. [.N]
A surge in commodity prices, labor shortage and much stronger-than-expected consumer prices data this week have stoked inflation concerns that could force the U.S. Federal Reserve to raise interest rates.
Raising rates typically boosts the U.S. dollar, which in turn pressures oil prices because it makes crude more expensive for holders of other currencies. [USD/]
“The oil complex is seeing a double whammy this morning from the reported restart of the Colonial pipeline and a major reduction in risk appetite that is spinning off an escalation of inflation worries that has spurred the plunge in the stock market,” said Jim Ritterbusch, president of Ritterbusch and Associates.
U.S. President Joe Biden said on Thursday that the Colonial Pipeline should be reaching full operational capacity right now and he expects to see fuel normalcy this weekend.
Fuel shortages had worsened in the southeastern United States after six days of shutdown of the Colonial Pipeline, the largest U.S. fuel pipeline network, following a ransomware attack.
In another bearish signal for oil demand, a variant of the coronavirus has swept through India, the world’s third-biggest importer of crude.
Medical professionals have not been able to say when new infections will plateau and other countries are alarmed over the transmissibility of the variant that is now spreading worldwide.
“Concerns are growing that the untamed spread of the coronavirus in India and in Southeast Asia will dent oil demand,” PVM analysts said in a note.
“Its impact, however, is expected to be relatively brief and the second half of the year will see the healthy revival of oil demand growth.”
(Reporting by Shadia Nasralla; Additional reporting by Aaron Sheldrick; Editing by Marguerita Choy and Jane Merriman)
Trudeau says he discussed border with Biden, but no deal
Prime Minister Justin Trudeau said on Sunday he has spoken with U.S. President Joe Biden about how to lift pandemic-related border restrictions between the two countries but made clear no breakthrough has been achieved.
U.S. and Canadian business leaders have voiced increasing concern about the ban on non-essential travel in light of COVID-19 that was first imposed in March 2020 and renewed on a monthly basis since then. The border measures do not affect trade flows.
The border restrictions have choked off tourism between the two countries. Canadian businesses, especially airlines and those that depend on tourism, have been lobbying the Liberal government to relax the restrictions.
Canada last week took a cautious first step, saying it was prepared to relax quarantine protocols for fully vaccinated citizens returning home starting in early July.
Trudeau, speaking after a Group of Seven summit in Britain, said he had talked to Biden “about coordinating measures at our borders as both our countries move ahead with mass vaccination.” Canada is resisting calls for the border measures to be relaxed, citing the need for more people to be vaccinated.
The United States is ahead of Canada in terms of vaccination totals.
“We will continue to work closely together on moving forward in the right way but each of us always will put at the forefront the interests and the safety of our own citizens,” Trudeau told a televised news conference when asked the Biden conversation.
“Many countries, like Canada, continue to say that now is not the time to travel,” Trudeau added, though he said it is important to get back to normalcy as quickly as possible.
(Reporting by David Ljunggren in Ottawa; Editing by Will Dunham)
Man with 39 wive dies in India
A 76-year-old man who had 39 wives and 94 children and was said to be the head of the world’s largest family has died in north east India, the chief minister of his home state said.
With a total of 167 members, the family is the world’s largest, according to local media, although this depends on whether you count the grandchildren, of whom Ziona has 33.
Ziona lived with his family in a vast, four-story pink structure with around 100 rooms in Baktawng, a remote village in Mizoram that became a tourist attraction as a result, according to Zoramthanga.
The sect, named “Chana”, was founded by Ziona’s father in 1942 and has a membership of hundreds of families. Ziona married his first wife when he was 17, and claimed he once married ten wives in a single year.
They shared a dormitory near his private bedroom, and locals said he liked to have seven or eight of them by his side at all times.
Despite his family’s huge size, Ziona told Reuters in a 2011 interview he wanted to grow it even further.
“I am ready to expand my family and willing to go to any extent to marry,” he said.
“I have so many people to care for and look after, and I consider myself a lucky man.”
(Reporting by Alasdair Pal and Adnan Abidi in New Delhi; Editing by Raissa Kasolowsky)
Huawei CFO seeks publication ban on HSBC documents in U.S. extradition case
Huawei Chief Financial Officer Meng Wanzhou on Monday will seek to bar publication of documents her legal team received from HSBC, a request opposed by Canadian prosecutors in her U.S. extradition case who say it violates the principles of open court.
Meng’s legal team will present arguments in support of the ban in the British Columbia Supreme Court.
Meng, 49, was arrested at Vancouver International Airport in December 2018 on a warrant from the United States, where she faces charges of bank fraud for allegedly misleading HSBC about Huawei Technologies Co Ltd’s business dealings in Iran and potentially causing the bank to break U.S. sanctions on business in Iran.
She has been under house arrest in Vancouver for more than two years and fighting her extradition to the United States. Meng has said she is innocent.
Lawyers for Huawei and HSBC in Hong Kong agreed to a release of the documents in April to Meng’s legal team on the condition that they “use reasonable effort” to keep confidential information concealed from the public, according to submissions filed by the defense on Friday.
Prosecutors representing the Canadian government argued against the ban, saying in submissions filed the same day that “to be consistent with the open court principle, a ban must be tailored” and details should be selectively redacted from the public, rather than the whole documents.
A consortium of media outlets, including Reuters News, also opposes the ban.
The open court principle requires that court proceedings be open and accessible to the public and to the media.
It is unclear what documents Huawei obtained from HSBC, but defense lawyers argue they are relevant to Meng’s case.
Meng’s hearing was initially set to wrap up in May but Associate Chief Justice Heather Holmes granted an extension to allow the defense to read through the new documents.
Hearings in the extradition case are scheduled to finish in late August.
(Reporting by Moira Warburton in Vancouver; Editing by Howard Goller)
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