Oil prices drop amid supply glut, fears of second coronavirus wave

first_imgBut possible signs of a second wave of coronavirus infections in northeast China and South Korea worried investors even as more countries started to pivot towards easing pandemic restrictions in moves that could support oil demand.“They’ve removed some of the lockdowns but does that mean the worse is over for now?” said Tony Nunan, a senior risk manager at Mitsubishi Corp in Tokyo.Global oil demand has plummeted by about 30 percent as the coronavirus pandemic curtailed movement across the world, building up inventories globally.“Oil companies are dealing with a plethora of challenges due to the sudden decline in demand,” GlobalData oil and gas analyst Haseeb Ahmed said in a note. “North America is battling a severe shortage of storage capacity … it may be only a matter of time, before the country (the United States) runs out of storage space.”Fears that the United States is running out of storage space triggered WTI prices crashing into negative territory last month, prompting some US producers to slash output.In a sign of that impact, the number of operating oil and gas rigs in the world’s largest oil producer fell to 74 in the week to May 8, a record low according to data released on Friday from energy services firm Baker Hughes Co (BKR.N) going back to 1940.“People are surprised by how quickly the US is shutting in production and that’s exactly what we need in order to support prices,” said Mitsubishi’s Nunan.“There’s another 10 days before the June contract expires … if the WTI contract can avoid a crash going into expiry, hopefully we’ve seen the bottom.”Topics : Oil prices slid nearly US$1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.Brent crude futures LCOc1 were down 73 cents, or 2.4 percent, at $30.24 a barrel by 0114 GMT, while US West Texas Intermediate crude futures CLc1 fell 81 cents, or 3.3 percent, to $23.93 a barrel.Both benchmarks have notched gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly. Oil production worldwide is also declining.last_img read more

Jones keen to shed unwanted tag

first_img This season may be reaching the halfway point, but Jones has played just five times for Manchester United. Jones was an ever-present during United’s pre-season tour of the United States, but he strained his hamstring during England’s win against Switzerland in September and, as soon as he returned, he suffered shin splints and missed seven matches. Press Association It was a pattern Jones is all too familiar with. Ever since he broke on to the scene as a teenager at Blackburn five seasons ago his career has been interrupted by injury – something he is clearly annoyed at. “It’s just the nature of football. People don’t wake up one morning and say I fancy being injured today, it is just the way it is,” the United centre-back said. “I started the pre-season and played every single game and every single training session. “I’d never had a muscle injury in my life and then on international duty, I pulled my hamstring so that was disappointing. And when I was coming back I then had shin splints. “I didn’t go into training and say I wanted to get injured that morning, it is just the way it has been. It has been unfortunate. “I could stand here and list 10 players who are always out injured.” Jones’ injury curse first struck in his final year at Blackburn, when he tore knee cartilage, but Sir Alex Ferguson still signed him six months later for £16.5million. Sir Bobby Charlton was so impressed with Jones shortly after he joined the club that he compared him with the Busby Babe Duncan Edwards, the greatest player to have worn United red in the eyes of some fans. But yet more knee problems, and an ankle injury, hindered Jones’ progress. His latest setbacks have restricted his playing time of late, but he suffered no reaction when he returned to action in Sunday’s 3-0 win over Liverpool and he hopes to go through the rest of the season without any problems. “My aim right now is to stay fit and stay focused, and get a run of games under my belt,” the 22-year-old said. “I have been doing a lot of work in the gym – strength work on the reformer, yoga and pilates and loads of stuff. “Hopefully that will stand me in good stead for the rest of the season. “Hopefully I can stay fit, and look after myself in games. “I will do anything I can to improve myself.” Jones is not the only United defender to suffer from injury this season. Senior officials thought the loss of Rio Ferdinand and Nemanja Vidic would not be so profound as they said medical testing had shown Jones, Evans and Chris Smalling were expected to have their most injury-free seasons of their respective careers. Yet all three have missed part of the season due to injury and £16million import Marcos Rojo, who dislocated his shoulder in October, suffered a thigh injury in training last week. Louis van Gaal has used 17 different players in defence in this season. The United boss has fielded 10 different combinations at centre-back. Jones hopes Van Gaal will have a full complement of options available to him soon. “It always helps to play every game at the back with the same players,” Jones added. “You get a good understanding of each other and how one of you works, and what positions to take up.” Luckily for United, goalkeeper David de Gea has had an outstanding season and is one of the main reasons why they are third in the Barclays Premier League. “Some of the saves he makes are unbelievable,” Jones said “We are lucky to have him. He is one of the best in the world.” Like Jones, De Gea has 18 months left on his current deal. United are confident of hanging on to their goalkeeper and senior sources are believed to be “relaxed” about De Gea’s situation despite interest from Real Madrid, who are searching for a long-term replacement for Iker Casillas. Phil Jones hopes he will finally be able to rid himself of the “injury-prone” tag that has dogged him throughout his career. last_img read more

Ghana Rugby congratulates World Rugby EXCO members after election

first_imgMr Herbert Mensah, President and Board Chairperson of Ghana Rugby, has issued letters congratulating the re-elected Chairperson of World Rugby, Sir Bill Beaumont, as well as the African EXCO Members Mr Khaled Babbou (President of Rugby Africa) and Mr Mark Alexander (President of South African Rugby Union).World Rugby unexpectedly announced the result of the just-ended election of a new World Rugby Executive Committee.The new Executive Committee will comprise Sir Bill Beaumont (Chairman), Bernard Laporte (Vice-Chairman), Brett Gosper (Chief Executive), Angela Ruggiero (Independent), Lord Mervyn Davies (Independent); Mark Alexander (South African Rugby Union), Khaled Babbou (Rugby Africa), Bart Campbell (New Zealand Rugby), Gareth Davies (Welsh Rugby Union), John Jeffrey (Scottish Rugby), Bob Latham (USA Rugby) and Brett Robinson (Rugby Australia).In his message, Mensah stated that times have changed and greater equity was required for all. He noted the positivity of having President Khaled Babbou elected to the New Executive Committee (a first for Africa Rugby).“The President of Rugby Africa’s ascendence to the Executive Committee is an indication of changing times. The elections are often seen as simply a stay or changing of the guard and not a time to change,” Mensah said.But Mensah hoped that the gap between the haves and the have-nots would be tackled proactively. Rugby has major challenges to tackle and overcome and he expressed the hope and believe that the newly elected EXCO will indeed tackle and overcome all the challenges ahead to ensure the continued growth and well-being of Rugby, also in Africa.Mensah also extended his appreciation to Mr Agustín Picho who unsuccessfully contested for the top position in World Rugby and thanked him for his selfless service to Rugby as Vice-Chairperson over the past four years.Africa is well-represented on the new World Rugby Executive Committee with both Mr Mark Alexander (President: South African Rugby Union) and Mr Khaled Babbou (President: Rugby Africa) occupying a seat. All Members of the Executive Committee were ‘elected’ unopposed.Mensah congratulated both Babbou and Alexander with their positions on the World Rugby EXCO and expressed the hope that they will do all they can to improve the support to Africa from the world governing body.“We fully realise that the World Rugby EXCO is there to execute the will of the World Rugby Council for the greater good of rugby. The plight of developing rugby in the world, however, is huge and I believe that the position of a region such as Africa as one of the fastest-growing areas of the Game should be reviewed as a matter of urgency,” Mensah said.About Ghana RugbyGhana Rugby is the official full member of both World Rugby (2017) and Rugby Africa in Ghana-West Africa and is responsible for the management and development of the Game Rugby Union in the country. The Union is governed by a Constitution and administers five KPAs (Key Performance Areas) namely: (1) Youth Development & Growth through the World Rugby “Get Into Rugby” Programme, (2) Women in Ghana Rugby, (3) Training & Education, (4) Domestic Competitions and (5) International Performance. Tags: Ghana RugbyHerbert Mensahlast_img read more