Day: June 4, 2020

Oil prices fall on doubts over output cuts, surging U.S. diesel inventories

By Shu Zhang and Sonali Paul

MELBOURNE (Reuters) – Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.

Brent crude futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 1.80%, or 67 cents, to $36.62 a barrel.

Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the

Rajiv Bajaj talks to Rahul Gandhi: Indian lockdown worst of both worlds: Govt flattened wrong curve

Rajiv Bajaj said that the government must work immediately to get the demand going again.

Industrialist Rajiv Bajaj is the latest to join the chorus of the commentators, economists and businesspersons, who are of the opinion that India’s over two-month coronavirus lockdown was not the best thing to do. India got the worst of both worlds as far as the lockdown is concerned with the economic situation worsening than before, Bajaj Auto MD Rajiv Bajaj said during a conversation with Congress leader Rahul Gandhi. “The virus is waiting to hit you, so you have not solved that problem, but

RBI asks SC to not allow interest waiver in moratorium period; says EMIs can be deferred, not waived off

The central bank pointed out that the petitioner had misinterpreted the moratorium as a waiver, which was actually a deferment of existing and current liabilities.

The Reserve Bank of India told the Supreme Court that a forced interest waiver will make a huge dent in the stability of the financial institutions, therefore, the court should reject the plea seeking interest waiver in the loan moratorium period. RBI has estimated a loss of nearly Rs 2 lakh crore if the SC allows interest waiver in the moratorium period. In the wake of the coronavirus pandemic-led financial crisis faced by many people,