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oil: Oil hits 7-week lows on supply release expectations, Europe Covid surge

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MELBOURNE: Crude fell to seven-week lows on Monday, extending declines after the previous session’s slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening COVID-19 situation in Europe.

Brent lost 57 cents, or 0.72%, to $78.32 a barrel as of 0206 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.51%, at $75.55 a barrel.

WTI and Brent prices hit their lowest since Oct. 1 earlier in the session. They slumped around 3% on Friday.

Japanese Prime Minister Fumio Kishida signalled on Saturday he was ready to help counter soaring oil prices following a request from the United States to release oil from its emergency stockpile.

Meanwhile, concerns are growing that renewed COVID-19 curbs could hit demand.

Germany warned on Friday it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.

“Austria imposed a lockdown earlier this month, while Germany is poised to agree on mandatory remote working,” ANZ said in a note.

“In Ireland and the Netherlands, people have already been instructed to work from home where possible. This comes amid the prospect of releases of oil from strategic reserves in China and the U.S.”

The White House on Friday pressed the OPEC producer group again to maintain adequate global supply, days after U.S. discussions with some of the world’s biggest economies over potentially releasing oil from strategic reserves to quell high energy prices.

In Japan, though, laws only allow reserves to be tapped if there are supply constraints or natural disasters.

“We’re proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United States and other countries concerned,” Prime Minister Kishida told reporters.

Money managers cut their net long U.S. crude futures and options positions in the week to Nov. 16, the U.S. Commodity Futures Trading Commission said on Friday.

Investors were also watching developments in the middle east after Saudi state media reported early on Monday the Saudi-led coalition fighting the Iran-backed Houthi movement in Yemen said it detected indications of an imminent danger to navigation and global trade south of the Red Sea.

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If You Were Obsessed With The “Selling Sunset” Cast Before — Buckle Up — Because It Just Got 10x Better

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20 Stocking Stuffers Every Fashion Lover Will Obsess Over This Year – All Under $50

Filling up a stocking with standout gifts is the best feeling, especially when you’re not so keen on (or good at) wrapping presents. To help you figure out exactly what to pick up, we found the trendiest (and most affordable) gifts every fashion lover will flip for. Whether the person you have in mind could use some new jewelry or is obsessed with all things furry and fuzzy, we found 20 selections they’ll go crazy for.

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Yogesh-Aditi Prabhudeva starrer ‘Ombattane Dikku’ gets a release date, to clash with ‘Love You Racchu’ | Kannada Movie News

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Director Dayal Padmanabhan’s upcoming venture ‘Ombattane Dikku’ is all set to hit the screens on the 31st of December. The film will clash with ‘Love You Racchu’, starring Ajai Rao and Rachita Ram, at the box office as the new year’s promises to be more exciting for the fans.

Along with Yogesh and Aditi Prabhudeva, the main cast also includes veterans Ramesh Bhat, Sai Kumar, Sampath Kumar, and comedian Prashanth Siddi. Manikanth Kadri has composed the soundtrack while D Pictures, in association with K9 studios and G Cinemas, has produced the film.

Both Yogesh and Aditi Prabhudeva have a long line of projects ahead of them and will be seen working with a wide range of filmmakers on their upcoming pursuits. Yogesh will be playing a key role in the much-awaited gangster saga ‘Head Bush’ and has also reunited with his ‘Sidlingu’ director Vijaya Prasad for ‘Parimala Lodge’.

Aditi Prabhudeva, on the other hand, has a slew of films either up for release or currently in the making. Along with films like ‘Old Monk’, ‘Tothapuri’, and others, Aditi will also star in films like ‘Aana’, ‘Andodittu Kaala’ (with Vinay Rajkumar), ‘Tribble Riding’ (with Ganesh), and ‘Mafia’ (with Prajwal Devaraj).

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Bengaluru hospital chief sacked after bodies of COVID-19 victims found 15 months later

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The bodies were recovered on November 26, at a cold storage at the ESIC hospital, when workers went there for cleaning.

After two bodies of COVID-19 victims were found rotting at ESIC Hospital in Bengaluru, the Ministry of Labour on Wednesday, December 1, removed Dr Jeetendra Kumar JM, the director professor and dean of the hospital at RajajiNagar, and appointed Dr Renuka Ramaiah in his place.

According to hospital sources, a 40-year old woman and a man in his early 50s were admitted in Employees State Insurance Corporation (ESIC) Hospital with coronavirus in June 2020 during the first wave of the pandemic, and died a few days later in the following month. Since then, their bodies were kept in the mortuary as the final rites were not performed for unknown reasons.

As per COVID-19 protocol, their bodies were supposed to be cremated by the Bruhat Bengaluru Mahanagara Palike (BBMP) as the bodies of the victims as bodies were not given to the families at that time.  The ESI hospital’s old mortuary has six cold storages for storing bodies. However, during the spike in COVID-19 deaths, it had become difficult for the hospital authorities and a new mortuary had been constructed by the Karnataka government, which was inaugurated in December, 2020. As the new mortuary started functioning, these two bodies remained in freezers at the old mortuary due to negligence.

The family of the victims were misled into believing that the last rites of the bodies were performed whereas the corpses were left to rot in the morgue for over 15 months. After a section of the media reported the matter, the family came to know about the callousness of the hospital authorities. It was only on Sunday that the family came to know that the highly decomposed bodies were lying in the hospital.

The order issued by the ESIC headquarters said, “Dr Jeetendra Kumar J M, Director Professor, General Medicine, Dean, in charge in the ESIC MC&PGIMSR, Rajajinagar, Bengaluru is directed to handover the charge to Dr Renuka Ramaiah, Director Professor and report to ESIC Headquarters on December 2 positively in public interest.”

Read: Dead bodies of two COVID patients in Bengaluru found in mortuary 15 months later

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