Oil prices slide as output cut hopes fade

Oil prices slumped Monday as traders took profits on receding prospects of an imminent cut to the global supply glut, according to The Guardian.

Prices hit three-week highs earlier Monday, building on last week’s strong gains driven by dollar weakness and after Russia said it could meet the OPEC producers’ group for talks on possible output cuts.

But they sharply reversed direction as analysts further doubted a looming reduction in the amount of oil being pumped out by leading producers.

Around 1700 GMT, US benchmark West Texas Intermediate for delivery in March slumped to $31.84 a barrel, down $1.78 compared with Friday’s close.

Brent North Sea crude for April delivery shed $1.46 to $34.53.

Brent had earlier Monday struck a three-week high at $36.25 before profit-taking took hold.

“Crude oil has started the new week on the back foot, giving back a big chunk of the sharp gains made in the previous couple of weeks,” said Fawad Razaqzada, analyst at City Index.

“Profit-taking is one of the main reasons for the oil price drop today,” he added.

Analysts cautioned against putting too much hope on talks between non-OPEC crude producer Russia and the cartel on reducing output in a move that could support prices.

Crude futures have crashed by about three quarters since mid-2014 owing to global oversupply, weak demand growth and strong dollar.

But both contracts surged Thursday after Russian reports that Energy Minister Alexander Novak had said Moscow was ready to take part in talks with OPEC to establish possible “coordination”.

He said the discussions could be on making production cuts of up to five percent per country.

“Oil has stopped its bullish momentum and most of the reason comes from the relatively strong dollar on light of Japan’s surprising negative interest rate decision,” said Phillip Futures analyst Daniel Ang.

As oil is traded in dollars, a rise in the greenback makes crude more expensive for holders of weaker units, dampening demand.

Oil prices closed higher last week to end a turbulent January in which prices plunged to 12-year lows.

The dollar has meanwhile gained support after Japan’s central bank shocked markets Friday with a decision to adopt a below-zero interest rate policy to spur bank lending and drive up inflation.

Bank of Japan chief Haruhiko Kuroda cited recent financial market turmoil and a China slowdown for ushering in a -0.1 percent rate on new reserves, and said the bank may go even further into negative territory.

'OUR HEARTS ARE BROKEN'

A British helicopter pilot was fatally shot by elephant poachers while flying an anti-poaching mission in Tanzania, a member of Parliament and a conservation fund said Saturday.

Roger Gower was working with Tanzanian wildlife authorities when the poachers fired on his helicopter and fatally wounded him Friday, said Dan Friedkin, chairman of the Texas-based non-profit Friedkin Conservation Fund.

"We are profoundly saddened by the loss of our dear friend," he said.

Gower managed to land the chopper but died before he was able to be rescued, said Lazaro Nyalandu, the country's former tourism minister, who said he flew with Gower many times.

Gower was helping rangers find the killers of an elephant when the poachers fired at the helicopter with an AK-47, Nyalandu wrote on Twitter.

Photos of the crash site, provided by Tanzania National Parks, show the helicopter on its side in dense grass, its tail broken off. A bloody bullet hole can be seen in one of the seats.

"Those poachers who killed Capt Roger are coward, evil, and sad people. A fine hearted individual gone too soon, and our hearts are broken," Nyalandu wrote.

The shooting happened at the Maswa Game Reserve, which borders the Serengeti National Park in northern Tanzania, Nyalandu said. Elephant poaching is prevalent on the reserve, according to the Friedkin Conservation Fund.

It was not immediately clear whether Gower was working for the fund when he was killed.

"This tragic event again highlights the appalling risk and cost of protecting Tanzania's wildlife," Friedkin said.

The killers are still at large, Nyalandu said. Tourism Minister Jumanne Maghembe flew to Maswa with senior government officials to lead the search, he said.

"Capt Roger represented the very best in human spirit," Nyalandu wrote. "He loved people and the wildlife. He died serving both."

Nigerians attack Economist for calling Jonathan ‘ineffectual buffoon’

Nigerians have expressed outrage at the Economist for labeling the country’s past president, Goodluck Jonathan, as an ‘ineffectual buffoon.’

In an article titled “Crude Tactics: Cheap oil is causing a currency crisis in Nigeria. Banning imports is no solution”, published in The Economist last Thursday, the magazine, while analysing the economic policies of President Muhammadu Buhari, had written that “In the eight months since Mr. Buhari arrived at Aso Rock, the presidential digs, the homicidal jihadists of Boko Haram have been pushed back into the bush along Nigeria’s borders.

“The government has cracked down on corruption, which had flourished under the previous president, Goodluck Jonathan, an ineffectual buffoon who let politicians and their cronies fill their pockets with impunity.”

In angry reactions on social media, majority of Nigerians expressed their displeasure with the tag on a former president of Africa’s most populous nation.

One Ismail Aniemu on his Facebook page  wrote "every Nigerian should be worried about any derogatory description of our leaders by the western media".

“Describing Jonathan as an ‘Ineffectual Buffoon’ is not a good testimonial for us coming from an influential publication, The Economist. Nigerians should jointly seek ways of avoiding embarrassments of this sort in future. How did we get a GEJ to lead us in the first place?” he wrote.

Another Nigerian, Adedayo Adesoji, also expressed his reservations on his Facebook page.

He wrote, “Despite the fact that I have never for once fancied the kind of President Jonathan’s style of leadership, I take exception to the Economist’s position referring to the Nigerian immediate past President as an ineffectual buffoon! It is the height of disrespect to the personality of our former President! If truly the Economist condescended so low to spew out this insult, then the above globally respected news platform has lowered its professional standard and brought international journalism to a state of disrepute! I am awfully disappointed in the Economist if truly it authored such a publication!”

With The Punch

Breaking News: At least 30 people killed in double blast near Shia shrine of Sayyida Zeinab, south of Damascus

Twin blasts have killed 30 people and wounded at least 40 in Syria's capital Damascus, officials said. 

The blasts, one of which was caused by a car bomb, happened near the Shia Muslim shrine of Sayyida Zeinab on Friday, the interior ministry said. 

The Islamic State of Iraq and the Levant (ISIL) claimed responsibility for the attack. 

The shrine has been targeted before, including in February 2015 when two suicide attacks killed four people and wounded 13 at a checkpoint nearby.

In the same month, a blast ripped through a bus carrying Lebanese Shia Muslim pilgrims headed to Sayyida Zeinab, killing at least nine people in an attack claimed by the al-Nusra Front armed group.

'Diversit reigns' as Idris Elba and Viola Davis win SAG awards

The journalism drama Spotlight took home the main prize at the Screen Actors Guild awards, but the success of minority actors drew most attention.

The film, about the Boston Globe's investigation of paedophile Catholic priests, won for best film cast.

But many of the main awards in Los Angeles were won by actors of diverse backgrounds, with industry magazine Variety noting that "diversity reigns".

It comes amid controversy over a lack of diversity among Oscar nominees.

British actor Idris Elba won for his roles in the detective drama Luther, and for his supporting role as an African warlord in Beasts of No Nation.

"Ladies and gentlemen, welcome to diverse TV," he said as he presented an award.

The female prison series Orange is the New Black won the ensemble award for a comedy series, and its star Uzo Aduba for best comedy actress in a television series.

The series has earned praise for its diverse cast and willingness to address race issues. Accepting the cast award, actress Laura Prepon referred to her cast mates, saying: "This is what we talk about when we talk about diversity."

The three main acting awards were given to films with mainly white casts, Spotlight, The Revenant and Room, all of which are among the Oscar favourites.

The absence of any non-whites in the four Oscar acting categories for the second year running has prompted discussion on diversity in Hollywood.

Since then, the organisation behind the awards has promised to double the number of female and minority members, a move welcomed by leading actors.

However, director Spike Lee, actress Jada Pinkett Smith and her husband Will Smith announced they would not be attending next month's awards.


With BBC