Oil crashes after Saudi Arabia launches price war
Singapore: Oil plunged over 20 per cent Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
The two main contracts both lost about a fifth of their value in morning Asian trade, with West Texas Intermediate sliding to about USD 32 a barrel and Brent crude to about USD 36 a barrel.
Saudi Arabia launched an all-out oil war Sunday with the biggest cut in its prices in the last 20 years, Bloomberg News reported, after a failure by cartel OPEC and its allies to clinch a deal to cut production.
A meeting of main producers was expected to agree to deeper cuts to counter the impact of the new coronavirus -- but Moscow refused to tighten supply.
In response, the Gulf powerhouse cut its price for April delivery by USD 4-6 a barrel to Asia and USD 7 to the United States, with Aramco selling its Arabian Light at an unprecedented USD 10.25 a barrel less than Brent to Europe, Bloomberg said.
Jeffrey Halley, senior market analyst at OANDA, said that "Saudi Arabia seems intent on punishing Russia.
"Oil prices... will likely be capped over the next few months as coronavirus stalls economic growth, and Saudi Arabia opens the pumps and offers huge discounts on its crude grades."
Global markets had already fallen heavily in recent weeks due to fears about the coronavirus, which has killed thousands and has spread around the world since emerging in China late last year.
Tokyo stocks were hit heavily hit at the open Monday on fears over the virus and the plunge in oil prices, with the dollar down against the yen.
Just after markets opened, crude prices briefly dropped as much as 30 per cent before gaining back some ground -- the biggest fall since the Gulf War in 1991, Bloomberg said.
The new developments are reminiscent of the oil price war that erupted in 2014 and sent oil prices crashing to less than USD 30 a barrel.
The price fall then battered revenues in the Gulf countries, forcing them to resort to austerity measures and borrowing to plug budget deficits.
On Sunday, shares in the energy-dependent Gulf plunged to multi-year lows after the failure to clinch a deal on production cuts, with all seven bourses in the region in the red.
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Woman shot dead in Delhi; police suspect link to 2023 murder of her husband
New Delhi (PTI): A 44-year-old woman was shot dead at point-blank range in northwest Delhi's Shalimar Bagh on Saturday, with police suspecting the killing to be a fallout of the 2023 murder of her husband, an official said.
The deceased was identified as Rachna Yadav, a resident of Shalimar Bagh and the resident welfare association (RWA) president of her locality. According to police, she was shot in the head and died on the spot.
Police said Rachna was originally from Bhalswa village in north-west Delhi. Investigators suspect that the murder is linked to the killing of her husband, Vijendra Yadav, who was shot dead in 2023. The case concerning that murder is currently under trial.
"In the 2023 case, Vijendra Yadav was allegedly murdered due to previous enmity. Bharat Yadav and five others were named as accused. While five of the accused were arrested and are facing trial, the main accused, Bharat Yadav, is still absconding and has been declared a proclaimed offender," a senior police officer said.
Police said Rachna was the main witness in her husband's murder case, and her testimony was considered vital for the prosecution. Investigators believe her killing may have been aimed at weakening the case and intimidating other witnesses.
CCTV footage has surfaced in the Rachna Yadav murder case, clearly capturing the accused who allegedly shot her. Police said the assailant's accomplice was already waiting nearby on a sports bike bearing a Delhi registration number, facilitating a swift escape, according to an official.
Police said a PCR call was received at around 10.59 am at Shalimar Bagh police station, reporting that a woman had been shot.
Local police teams rushed to the spot and found Rachna lying on the road in a pool of blood. An empty cartridge was recovered from the scene, officials said.
According to the investigation, when Rachna was returning after meeting a neighbour, two assailants intercepted her. One of them allegedly stopped her and asked her name. When she identified herself, the attacker pulled out a firearm and shot her in the head before fleeing the spot along with his accomplice, police said.
Preliminary inquiry suggested that the woman was targeted, and the assailants appeared to have prior knowledge about her identity and movements.
"Crime Team and FSL teams were immediately called, and the scene of the crime was thoroughly examined. CCTV footage from nearby areas is being scanned to identify the assailants," Additional Commissioner of Police (Northwest) Bhisham Singh said.
Prima facie, it appears that the present case is linked to the earlier murder, he said. "We are re-examining all aspects of the 2023 case and the role of the proclaimed offender (Bharat)," Singh said, adding that multiple teams have been formed to trace the shooters and those who may have masterminded the crime.
Speaking to reporters, Kanika Yadav, the deceased's elder daughter, alleged that the murder was planned by Bharat.
"Some of the accused in my father's murder case are lodged in Tihar Jail. Despite that, they are planning such crimes. Bharat Yadav planned and executed my mother's murder," she alleged.
Kanika claimed her mother was killed because she was standing firm as a witness in her father's murder case.
"They were afraid that they would be convicted on the basis of her statement. That is why my mother was killed. My father was murdered in 2023, and the case is still pending before the court," she said.
Police said Rachna is survived by two daughters, one of whom is married, while the younger daughter lived with her. Security has been stepped up in the area, and further investigation is underway, police added.
