Price of Oil drop amid COVID-19 Concerns

New York/Hong Kong (CNN Business)Oil prices are still crashing after a stunning collapse Monday that saw US crude futures plunge below zero for the first time in history.

The pain in oil markets is carrying over to stocks, with Asian and European indexes, and US stock futures, all in the red on Tuesday.

US oil futures for May delivery were last trading below $0 again after briefly popping above $1 a barrel. The May contract, which expires Tuesday, finished regular trading Monday at -$37.63 a barrel.

The West Texas Intermediate June contract, which is now being traded more actively, crashed more than 11% to $18.14 a barrel. Brent, the global benchmark, also plummeted nearly 22%, last trading at $19.92 a barrel.

Oil prices turned negative. Hundreds of US oil companies could go bankrupt

Oil prices turned negative. Hundreds of US oil companies could go bankrupt

The coronavirus pandemic has caused oil demand to evaporate so rapidly that the world is running out of room to store barrels that nobody wants. A new agreement a little over a week ago by Saudi Arabia and Russia — with other producers — to cut supply by a record amount has failed to convince traders that the supply glut will ease any time soon.

The market will likely continue to be pressured in the coming weeks, wrote Bjornar Tonhaugen, head of oil markets at Rystad Energy, in a research note Tuesday. He noted that the OPEC+ cuts only go into effect in May. And while the group has agreed to cut oil production by historic amounts, Tonhaugen said the market needs to see a lot of additional cuts to account for a massive decline in demand for oil.

Global stocks also recorded big declines Tuesday. The FTSE 100 (UKX) is trading 1.4% lower in London. Germany's DAX (DAX) and France's CAC 40 (CAC40) are both down 1.8%.

Hong Kong's Hang Seng (HSI) tumbled 2.2%, while Japan's Nikkei 225 (N225) fell nearly 2%. China's Shanghai Composite (SHCOMP) lost 0.9%.

South Korea's Kospi (KOSPI) tumbled nearly 3% and the won slipped as much as 1.7% against the US dollar as CNN reported — citing a US official with direct knowledge — that the United States is monitoring intelligence that suggests North Korean leader Kim Jong Un is in grave danger after undergoing a previous surgery.

South Korea's Presidential Blue House said in a statement provided to reporters that they have nothing to confirm on reports about Kim's health and that "no unusual signs" have been detected inside North Korea.

The Kospi pared losses to close down 1%. The won also recovered somewhat, though was still weaker against the dollar compared to Monday.

Regional markets have only priced in "a small-ish reaction to the [North Korean] news," wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a Tuesday research note. But he added that if it proves to be correct "the region is set for a period of uncertainty."

US stock futures reversed early gains. Dow futures were last down 264 points, or about 1.1%. S&P 500 futures dropped 0.7% and Nasdaq futures were down about 0.2%.

The Dow (INDU) closed 592 points lower, or 2.4%, on Monday, marking the worst day for the index since April 1. The S&P 500 (SPX) finished down 1.8% and the Nasdaq Composite (COMP) closed 1% lower.

— Jill Disis, Julia Horowitz, Anneken Tappe and Matt Egan contributed to this report.

Donald Trump Suspends Immigration into the US

(CNN)President Donald Trump said late Monday night he will sign an executive order temporarily suspending immigration to the United States as the nation battles the health and economic effects of the corona-virus pandemic.

"In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!" he tweeted.
It's unclear what mechanism he will use to suspend immigration, how long such a suspension could last or what effect this will have on the operation of US border crossings and on those who already hold green cards.
Trump administration looks to triple fees for some immigration court filings
Trump administration looks to triple fees for some immigration court filings
The White House declined to provide further information on the executive order Monday evening. The Department of Homeland Security didn't immediately respond to a request for comment.
As a result of coronavirus and attempts to curtail its spread, immigration to the United States has been largely cut off: Refugee resettlement has been put on hold, visa offices are largely closed and citizenship ceremonies aren't happening. Trump didn't offer details Monday on what he intends to do to further restrict immigration in the face of coronavirus.
Immigrant advocates immediately pushed back against the tweet.
"This is not about the policy. It is about the message the president wants to send. He wants people to turn against 'the other.' And, regardless of the valuable contributions immigrants are making to the response and recovery, he sees immigrants as the easiest to blame," Ali Noorani, the executive director of the National Immigration Forum, said on Twitter.
Trump's tweet comes as the administration seeks to reopen parts of the country from the coronavirus shutdown through a phased approach, but it's also a continuation of the President's 2016 campaign promise to slow immigration.
Trump has repeatedly touted his decision to halt travel from China and Europe as a means of blunting the spread of coronavirus in the United States.
Against the backdrop of the pandemic, the Trump administration has tried to move forward with some of its most restrictionist policies that have struggled to be put into practice, including blocking entry to asylum seekers.
Citing the "unscreened" and "unvetted" people who come into the US across the southern border, Trump said late last month that the border would be sealed off "mostly, and even beyond, but mostly during this global pandemic." Restrictions on nonessential travel remain in effect and on Monday, the Department of Homeland Security announced they'd be extended with Mexico and Canada.
The administration has also put in place an order allowing the US to swiftly remove migrants arrested at the border, including children.
This story has been updated with additional immigration reporting.

Ndabeni Abrahams 'maybe' in Hot waters over lock-down rules

As South Africans enter day 13 of the global pandemic lock down as a result of the spread of the Novel Corona Virus, some law makers  are not adhering to lock down rules.
Communications minister Stella Ndabeni-Abrahams has been pictured enjoying lunch with a friend, apparently during the period of lock down. This goes to show of the popular saying "Do as I say, not as I do".

How has Stella Ndabeni-Abrahams allegedly broke lock down rules?
Photos of her and her friend, none other than former deputy higher education minister, Mduduzi Manana, went viral Tuesday. In a photo uploaded to Instagram, he can be seen dining with Ndabeni-Abrahams and a few others. These two politicians do not live together, and it’s difficult to understand what legitimate reason they’d have to meet for this contentious lunch.
All efforts to contact the office of Ndabeni-Abrahams proved futile and were directed only to her communications team: Ironic, given her job title. This is the offending snap that could land her in some serious trouble.
The President as we learnt has said he will summon the Minister for question and possibly disciplinary actions.