Oil falls as top US scientist warns of reopening risks
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
TUESDAY, MAY 17, 2022
TUESDAY, MAY 17, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Oil falls as top US scientist warns of reopening risks

Global Economy

BSS/AFP
13 May, 2020, 01:05 pm
Last modified: 13 May, 2020, 01:12 pm

Related News

  • Iraq balks at greater Chinese control of its oilfields
  • Oil prices ease as EU struggles to seal Russia import ban
  • Iraq balks at greater Chinese control of its oilfields
  • Stocks, oil slip as dire China data feed recession fears
  • Oil rises but set for weekly drop as fears of weaker demand limit gains

Oil falls as top US scientist warns of reopening risks

Anthony Fauci’s remarks before a US Senate panel put a damper on President Donald Trump’s efforts to reopen the virus-hit American economy, the world’s top oil consumer

BSS/AFP
13 May, 2020, 01:05 pm
Last modified: 13 May, 2020, 01:12 pm
An aerial view of Pemex's storage and distribution terminal on the outskirts of Mexico City, Mexico February 1, 2019/ Reuters
An aerial view of Pemex's storage and distribution terminal on the outskirts of Mexico City, Mexico February 1, 2019/ Reuters

Oil prices fell Wednesday after the US government's top infectious disease expert warned that ending lockdowns in the world's biggest economy too soon could trigger fresh coronavirus outbreaks.

Anthony Fauci's remarks before a US Senate panel put a damper on President Donald Trump's efforts to reopen the virus-hit American economy, the world's top oil consumer.

US benchmark West Texas (WTI) Intermediate for June delivery was down 1.36 percent at $25.43 a barrel in morning Asian trade.

Global benchmark Brent crude for July was trading 1.4 percent lower at $29.56 a barrel.

Both contracts, which were hammered last month as demand evaporated due to virus lockdowns, had risen Tuesday after Saudi Arabia announced further output cuts.

"The road to recovery hit a massive pothole," AxiCorp global market strategist Stephen Innes said, referring to Fauci's testimony.

"While the market feels more comfortable on the supply side of the equation, on the demand side, the focus will continue to revolve around the risks of easing lockdowns or even the extensions."

In his first appearance on Capitol Hill in two months, Fauci delivered a cautionary message at odds with Trump's push to reopen the economy soon.

The respected scientist warned of "serious" consequences if states lifted lockdowns without following safety guidelines developed by federal authorities.

"There is a real risk that you will trigger an outbreak that you may not be able to control," he added.

Analysts said however that signs the virus-triggered supply glut was easing would continue to provide some support to markets.

Top crude producers led by the OPEC cartel continue "to signal a willingness to do what is necessary to stabilise the oil price, and that should limit downside", Innes said.

Producers have already struck a deal to cut output by almost 10 million barrels a day to boost prices.

Top News / World+Biz

Oil / Oil price / Oil Business / Coronavirus impact / Coronavirus Pandemic / Anthony Fauci / Coronavirus lockdown

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Social safety budget to stay same despite inflation rise
    Social safety budget to stay same despite inflation rise
  • RMG makers worried over move on power tariff hike
    RMG makers worried over move on power tariff hike
  • File photo. Workers making stuffed toys at a small toy factory in Kamrangirchar, Dhaka. Photo: Mumit M/TBS
    25% of govt procurement must come from CMSMEs

MOST VIEWED

  • Photo: Bloomberg
    Putin sets Russians on wild hunt for Dollars in black market
  • A Citibank branch, which was seized by an unknown man who threatened to blow himself up, is seen in central Moscow, August 24, 2016. REUTERS/Maxim Shemetov
    Companies count the cost of ditching Russia
  • Wall Street. Photo :Reuters
    Wall Street opens sharply higher as technology, growth stocks rebound
  • Photo: Collected
    US to suggest tariffs on Russian oil as alternative to embargoes
  • 
A general a view of the Rumaila oil field in Basra, Iraq on 28 November 2017. Photo: Reuters
    Iraq balks at greater Chinese control of its oilfields
  • Indonesian palm oil farmers take part in a protest demanding the government to end the palm oil export ban, outside the Coordinating Ministry of Economic Affairs office, in Jakarta, Indonesia on 17 May 2022. Photo: Reuters
    Indonesian farmers protest against rising cost of palm oil export ban

Related News

  • Iraq balks at greater Chinese control of its oilfields
  • Oil prices ease as EU struggles to seal Russia import ban
  • Iraq balks at greater Chinese control of its oilfields
  • Stocks, oil slip as dire China data feed recession fears
  • Oil rises but set for weekly drop as fears of weaker demand limit gains

Features

Despite Bangladesh having about 24,000 km of waterways, only a few hundred kilometres are covered by commercial launch services. Photo: Saad Abdullah

Utilising waterways: When common home-goers show the way

10h | Panorama
Illustration: TBS

How Putin revived Nato

12h | Panorama
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam

The United House: Living and working inside nature

12h | Habitat
Pcycle team members at a waste management orientation event. Photo: Courtesy

Pcycle: Turning waste from bins into beautiful crafts

13h | Panorama

More Videos from TBS

The first mosque in India was built Prophet Mohammad time

The first mosque in India was built Prophet Mohammad time

3h | Videos
After six decades ,the Archies is back

After six decades ,the Archies is back

3h | Videos
Exporters in discomfort, expatriates preferring Hundi

Exporters in discomfort, expatriates preferring Hundi

3h | Videos
Can your coworker be your closest friend?

Can your coworker be your closest friend?

13h | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

5
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

6
Impact of falling taka against US dollar
Banking

Taka losing more value as global currency market volatility persists

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab