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VIRUS-WORLD
Oil prices tank, as Americans protest virus stay-at-home orders
WASHINGTON, April 21, 2020 (BSS/AFP) – Oil prices crashed into negative territory Monday after coronavirus lockdowns around the globe squelched demand, as US demonstrators rallied in more state capitals demanding the reopening of the world’s biggest economy.
The question of when to lift stay-at-home orders — and thus help mitigate the devastating economic effects of the global virus crisis — has been at the forefront for many countries.
Germany and other parts of Europe took tentative steps to ease lockdown measures as coronavirus death rates fell in some nations, but in the United States, some believe governors are not moving quickly enough.
The unprecedented collapse of oil prices, which traded in negative territory for the first time ever, is sure to fuel calls for a quicker unshackling of the global economy.
With billions of people forced to stay home to curb the spread of the deadly virus, and top producers Saudi Arabia and Russia in a price war, an oil glut pushed prices for US benchmark West Texas Intermediate for May delivery down to -$37.63 per barrel.
“The problem is nobody is driving a car anywhere in the world essentially,” US President Donald Trump said.
The dive prompted more selling on Wall Street, and the Dow closed down 2.4 percent.
Thousands of Americans concerned about their economic bottom line have been protesting across the country for days, and on Monday, the focal point was Pennsylvania and its capital Harrisburg.
There, hundreds of people — many not wearing face masks — argued that government regulations intended to halt the spread of COVID-19 limit individual freedoms and are hurting the economy.
“Our new normal does not mean we will sacrifice our freedoms for the safety of our country,” state lawmaker Aaron Bernstine said to chants of “USA! USA!”
Demonstrators also rallied in the California capital Sacramento.
Trump has cheered on the protests, even as health officials warn that a too-rapid reopening could risk a resurgence of deadly outbreaks.
The highly contagious virus has now killed more than 42,000 people in the United States, the country with the highest death toll.
Amid pressure to reopen their communities and economies, several US governors have stressed that coronavirus testing first must be ramped up dramatically, with federal help.
But Trump has insisted there has been adequate testing and the federal government is doing its job.
He also expressed confidence Monday that virus indicators were trending in the right direction.
“Many areas hardest hit by the virus appear to have turned the corner,” he said, citing substantial death toll drops in metropolitan areas like New York, Detroit and New Orleans.
The United States has recorded 1,433 deaths in the past 24 hours through Monday evening, according to a tally by Johns Hopkins University — the lowest daily total in two weeks.
– Far from ‘out of the woods’ –
In Europe, Spain recorded its lowest death toll in weeks Monday, Britain saw its lowest in a fortnight and Italy recorded its first drop in the number of cases since its first infection was confirmed in February.
The encouraging news came as tight restrictions in place for weeks were lifted in parts of the continent — some shops reopened in Germany and Denmark, and parents dropped their children off at nurseries in Norway.
Germany, which has been hailed for keeping fatalities low despite a significant number of cases, allowed smaller shops to reopen in some regions.
Larger stores and those in major German cities will open later as part of an attempted phased return to normal that will also see some students go back to school from May 4.
Hopes were tempered by fears of new waves of infections and deep economic concerns — but for many, even the smallest return to regularity was welcome.
In the German city of Leipzig, fashion store owner Manuela Fischer said she was “incredibly happy” to be welcoming shoppers again.
Chancellor Angela Merkel urged Germans to stay disciplined, warning the county was “still a long way from being out of the woods.”
Denmark reopened some small businesses, including hair salons, tattoo parlors and dental practices, while Italy allowed bookshops to open their doors.
In Norway, Silje Skifjell dropped off her boys Isaak and Kasper at a nursery in the capital Oslo.
“I almost cried, he was so happy to see his friends,” she said of four-year-old Isaak, her eldest.
– WHO, China reject criticism –
Trump, under fire for his response to the crisis as he seeks re-election in November, has lashed out at the WHO for its early handling of the outbreak and cut US funding for the global health body.
WHO chief Tedros Adhanom Ghebreyesus responded Monday, saying the agency had dutifully sounded the alarm.
“We have been warning from day one that this is a devil that everyone should fight,” he said, adding that “there is nothing hidden from the US” about the pandemic.
China also hit back at US criticism — foreign ministry spokesman Geng Shuang said they disrespected “the Chinese people’s tremendous efforts and sacrifices” in fighting the contagion.
Nearly 2.5 million coronavirus cases have been confirmed globally, and the death toll has risen to 169,900, with nearly two-thirds of the victims in Europe, according to an AFP tally.
In France, deaths surpassed 20,000. It is now the fourth country at that level, along with the US, Italy and Spain.
BSS/AFP/MMA/0940HRS