Oil prices dip after Trump gets coronavirus, economies wobble

 By Masood Sattar Khan 

(Pakistan News & Features Services)

Oil prices fell five percent on October 2 after the US President, Donald Trump, tested positive for COVID-19 and negotiators failed to agree a US stimulus package just as rising global oil output threatened to overwhelm a weak price recovery. 

Brent crude was reported to have slipped on the Trump news and was down $2.05, or 5.01 percent, at $38.88 a barrel by 1324 GMT. US oil was down $2.01, or 5.19 percent, at $36.71. 

According to reports, the US and Brent crude were heading for drops of around nine percent and seven percent respectively this week for a second consecutive week of declines.

“US unemployment data was a little bit below expectations but the oil price fall is part of the broader correction we’ve seen over the last few days driven by bearish macro sentimentand technical trading,” Harry Tchilinguirian, head of commodity research at BNP Paribas, was quoted as saying. 

“We’ve moved below several short-term moving averages, 30, 50 and 100-days, so the market is looking for the next support level, which could be around $37 a barrel,” he added.

Pompeo hopeful of more Arab states establishing ties with Israel

By Masood Sattar Khan
(Pakistan News & Features Services)

The US Secretary of state, Mike Pompeo, arrived in Israel on August 24 and expressed the hope that more Arab states would establish ties with the country, a Middle East newspaper reported. 

"I'm very hopeful that we will see other Arab nations join in this," he observed in Jerusalem, standing next to Israeli Prime Minister Benjamin Netanyahu.

“The deal with the Emirates, brokered by US President Donald Trump is a boon to peace and regional stability. I think it heralds a new era where we could have other nations join. I hope we'll have good news in the future, maybe in the near future," Netanyahu remarked. 

Pompeo spoke of the opportunity awaiting future partners to work alongside to recognize the state of Israel. 

The US Secretary of state is on the first leg of his Middle East visit to press the momentum of the Trump administration’s Arab-Israeli peace push.

Trump orders reopening houses of worship

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The US President, Donald Trump, has ordered the states to allow churches to re-open from stay-at-home restrictions imposed to combat the coronavirus outbreak, vowing override any governor who refused.

"The governors need to do the right thing and allow these very important essential places of faith to open right now. If they don't do it I will override the governors. Churches would be declared essential services under CDC guidelines,” President Trump said in a statement while talking to reporters at the White House. 

It, however, remained unclear if the US President had the power to override state orders to close churches or limit the size of services. 

He has shown increasing exasperation with state social distancing regulations that have collapsed the US economy, as he desired Americans to return to normal economic and social life. 

The recommendations for restarting activities by religious organizations weren't part of the CDC suggestions for opening workplaces, schools and restaurants released over the weekend, though they had been included in a draft first reported by the Associated Press. 

The communication had given detailed suggestions for social distancing, hygienic practices and symptom-checking that were in many cases tailored to the organization and its activities.

Trump may extend coronavirus social distancing guidelines

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The United States (US) President, Donald Trump, on April 24, has hinted that his administration may extend its national social distancing guidelines until early in the summer or later. 

“We may, and we may go beyond that. We’re going to have to see where it is. I think people are going to know just out of common sense. At some point, we won’t have to do that. But until we feel safe, we’re going to be extending,” Trump observed at the White House press briefing. 

Trump’s remarks have come just a day after multiple White House apprehended that the US might still be fighting with the deadly coronavirus by the fall and winter, when the flu season kicks up. 

The coronavirus guidelines had first been shared in the middle of March, having been extended to the end of April. There are strong enough indications now that the federal guidance might be extended once more even though Trump and state leaders looked ahead to reopening the economy, having been devastated by the coronavirus and the preventive measures taken to contain it. 

Although the federal guidelines were not legally binding on states, many of whom implemented their own social distancing rules, they recommend severe restrictions on normal behaviors, such as eating out at restaurants and socializing in groups.

US President agrees to send ventilators to Pakistan, other developing countries

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The United States (US) President, Donald Trump, on April 24, announced to send ventilators to three developing more countries after having promised to do the same to as many countries, including Pakistan.

In a series of tweets, Trump pledged ventilators for Ecuador, El Salvador and Indonesia after having committed the life-saving breathing equipment to Pakistan, Mexico and Russia to let these countries combat coronavirus (COVID-19) pandemic. 

The US President had also expressed his willingness to supply ventilators to three European countries, Italy, Spain and the UK, where the pandemic had wreaked havoc during the last few weeks. 

There were also reports suggesting that the US officials were preparing to ship ventilators to Africa, in an effort to counter Chinese diplomatic initiatives. 

President Trump earlier disclosed that Pakistan had asked him to send ventilators for the victims of the coronavirus and he has agreed to do so. 

“Spoke with Pakistan; they would like to have some ventilators. We’re going to get them some ventilators,” he said, adding that all the leaders, he spoke to, were indebted to the US for solving the ventilator problem.

US President pledges to rescue oil industry

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The United States (US) President, Donald Trump, has pledged to rescue the oil industry which was rocked on April 20 as the prices went negative for the first time in history. 

“We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!” Trump tweeted on April 21. 

The US President didn’t furnish details, however, only saying that he had advised members of his administration to make funds available to companies. 

“We are taking very aggressive but appropriate steps to help the industry. The administration is working to ensure that oil and gas companies can access lending programs created by the $2 trillion coronavirus rescue plan, including those meant for medium-sized businesses and the Federal Reserve facility,” Energy Secretary, Dan Brouillette, revealed in a television interview. 

“The market is ruthlessly efficient at weeding out high-cost producers. The demand curve has moved so quickly in a downward fashion, the production is simply not able to keep up with it,” he added. 

In the meantime, the West Texas Intermediate (WTI) futures had plunged below zero for the first time ever on April 20 and the sector has hemorrhaged an estimated 51,000 drilling and refining jobs in March, according to BW Research Partnership, a research consultancy which also warned that the industry’s job losses could reach as high as 30% or more in the first quarter of 2020.