Oil prices fall as US-China tensions offset coronavirus hope

News Network
May 6, 2020

Singapore, May 6: Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.

Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.

US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.

Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.

They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.

But gains were capped Wednesday as dealers follow a brewing US-China row after Donald Trump hit out at Beijing over its handling of the outbreak, saying it began in a Wuhan lab, but so far offering no evidence.

"Traders are incredibly cautious this morning, weighing all the possible China responses," said Stephen Innes, chief global market strategist at AxiCorp.

"And the one that would hurt the most would be for China to reduce imports of US oil."

This week's rally was in part driven by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.

There have also been signs that the massive oversupply in the market is starting to ease as demand slowly comes back.

Energy data provider Genscape said earlier this week that stockpiles at the main US oil depot in Cushing, Oklahoma had increased by only 1.8 million barrels last week following weeks of major rises.

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News Network
April 28,2024

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Students in Paris blocked access to a campus building at a French university on Friday, as pro-Palestine demonstrations reach Europe.

The students occupied the central campus building of the Paris Institute of Political Studies, known as Sciences Po, and dozens of others blocked its entrance, echoing protest action at American universities.

Students inspired by Gaza solidarity encampments at campuses in the United States blocked access to a campus building at the prestigious French university on Friday.

They blocked the entrance with trash cans, wooden platforms and other items.

The occupation of the Paris university campus came after police broke up a separate protest at the university’s amphitheater outside one of its Paris campuses.

Scores of student protesters gathered at the building’s windows, chanting slogans and holding placards reading “We are all Palestinians,” in defiance of administrators who students say called the police on their peers two days earlier.

Pro-Palestinian student protesters had occupied the amphitheater outside one of the university’s Paris campuses on Wednesday evening.

The US-style student protests, which began over the months-long Israeli regime’s genocidal war against Palestinians in the besieged Gaza Strip, kicked off in the United States and have now spread to European capitals as well as Australia.

In the German capital Berlin, several people were arrested as police violently cleared a camp of Gaza war protesters at the German parliament.

Pro-Palestinian activists are demanding a permanent ceasefire, an end to the Israeli atrocities, and an arms embargo of the Tel Aviv regime.

The Israeli regime launched the war on Gaza on October 7 last year. The genocidal war has killed more than 34,356 Palestinians, most of them women and children.

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News Network
April 24,2024

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Pro-Gaza US protesters in New York's Columbia University say they will stay put despite the university's harassment and police crackdown.

The protesters said they refuse to concede to "cowardly threats and blatant intimidation" by university administration, asserting that they will continue to peacefully protest.

Columbia University threatened the students with the national guard after refusing to bargain in good faith.

The university announced a midnight deadline for talks regarding the removal of pro-Palestine encampments on the varsity campus, warning that their campsite will be forcefully cleared by police if no agreement is reached.

The university campus is being used as a campsite for hundreds of pro-Palestine protesters and other activists, who have gathered and set up numerous tents.

Pro-Palestinian protests at colleges have demanded that their universities divest from corporations doing business with Israel or profiting off the war in Gaza. At Columbia, protesters have also asked the university to end a dual-degree program with Tel Aviv University.

The deadline was announced by Columbia University President Minouche Shafik late Tuesday, as authorities across major American universities have launched their repression campaigns against the pro-Palestinian protests on campuses, amid rising anger over US's support for Israel. 

Shafik has issued a midnight deadline to protesters and organizers, warning that failure to comply will result in the forcible clearance of the camp by the New York Police Department (NYPD).

The university has engaged in discussions with student leaders behind the protests, which are part of a series of protests taking place at various colleges nationwide and resulting in multiple arrests.

The purpose of these talks is to address the encampment on the west lawn of Columbia's Morningside Heights campus.

American universities are grappling with the challenge of maintaining a delicate balance between the right to protest and freedom of speech, while also ensuring campus rules and safety, as tensions surrounding the ongoing war in Gaza continue to permeate across campuses.

Meanwhile, Shafik underscored the importance of free speech and the right to demonstrate, but highlighted significant safety issues, disruptions to campus activities, and a strained environment due to the encampment. She firmly stated that any form of intimidation, harassment, or discrimination would not be accepted.

The arrest of more than 100 protesters at Columbia University last week led to more campus demonstrations, at New York University, Yale, and the University of California, Berkeley.

Palestinian university professor Sami al-Arian said what is happening across US university campuses is unprecedented.

Al-Arian said, "I lived four decades in the US, 28 years of which were in academic settings. During my time, it was a very challenging struggle to present an anti-Zionist narrative."

"But the passion, courage, humanity, creativity, and determination displayed these days by students across US campuses make me proud. The Zionist grip on US society is weakening and waning."

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News Network
April 28,2024

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Campuses of several US Universities have been witnessing massive protests with the students seeking a ceasefire in Israel's war with Hamas. Police have arrested over 550 protesters and some universities are witnessing violent crackdown of protests by the ruthless cops. 

Law enforcement officials at the behest of college administrators have deployed tasers and tear gas against students protesters at Atlanta's Emory University, even though the protests have been largely peaceful, say activists and media personnel present at the spot.

Emil' Keme, professor of English and Indigenous studies, at the University said that the scene reminded him of the civil war in Guatemala as a teenager.

"Police immediately began to force people to move. I felt like I was in a war zone, with all the police and their weapons, the rubber bullets. We were pushed away," Mr Keme told the Guardian describing what happened as soon as cops entered the Emory campus.

“Police took the student next to me, pushed an older lady nearby and then pushed me.”

Student protesters say they are expressing solidarity with Palestinians in Gaza, where the confirmed death toll has topped 34,305, according to the Hamas-run territory's health ministry. They want universities to cut their investments in everything tied to Israel and weapons that fuel the war in Gaza. That means funds run by BlackRock, Google as well as Amazon's cloud service, Lockheed Martin and even Airbnb.

Video circulated widely on social media shows two women who identified themselves as professors being detained, with one of them slammed to the ground by one officer as a second officer then pushes her chest and face onto a concrete sidewalk.

Atlanta police and Georgia troopers are leading a joint operation within the campus to dismantle the tents and camps the activists have set up at the school's quadrangle. Within minutes of the authorities entering the campus, 28 people, 20 of whom were "Emory community members", had been arrested, the institute said in a statement.

The school president said that the videos of police clashing with the students "are shocking" and that he is "horrified horrified that members of our community had to experience and witness such interactions."

The university's response was likely the quickest show of police force in response to a divestment protest among the dozens nationwide that have occurred in recent weeks. It was also probably the only one where pepper balls, stun guns and rubber bullets were used.

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