Here is what other are talking about this morning:
U.S. oil prices edged away from 2009 lows in early trading on Thursday but overall market sentiment remained extremely bearish due to huge unused amounts of petroleum sitting idle in storage tanks and as China’s economy was showing no signs of recovery.
Gold traded near a seven-week high on Thursday as investors channelled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions.
China is building underground caverns capable of holding up to a quarter of its expanded strategic oil reserves by 2020, as it looks for new storage methods away from expensive and exposed above-ground tanks in crowded coastal regions.
A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more production going offline.
Finance Minister Arun Jaitley stressed that the Centre would expand public spending even in 2016-17 despite the additional financial implications, including the implementation of the One Rank, One Pension and Seventh Pay Commission report.
It’s already a rough 2016 for mining companies that are suffering through their worst start to a year in almost a decade. The Bloomberg World Mining Index has fallen 5.3 percent since Dec. 31, the biggest such drop since 2007.
A bumper crop leading to price crash and subsequent farm suicides in 2015, may have impacted the potato cultivation in the current season. At least 16 farm suicides were reported last year after the price of tuber crashed below ₹2 a kg.