Oil loses 4% after Trump gets coronavirus and economies wobble | Reuters

Oil loses 4% after Trump gets coronavirus and economies wobble | Reuters:

Oil prices fell more than 4% on Friday, and posted a second weekly decline after U.S. President Donald Trump tested positive for COVID-19, roiling risky assets, and as rising global crude output threatened to overwhelm the market’s weak recovery.

Benchmark Brent and U.S. crude each posted a second straight week of losses. The uncertainty surrounding the U.S. president’s health added to a series of jitters, including a lackluster U.S. unemployment report and increased supply from major world oil producers. 


“It’s been a rough week, and now the president’s diagnosis sends a shudder through markets,” said John Kilduff, partner at Again Capital in New York. “The COVID-19 pandemic has weighed more on the oil market than any other asset class.”

This week marked the grim milestone of 1 million deaths and several countries are tightening restrictions and contemplating lockdowns as infections accelerate.

Brent crude LCOc1 was down $1.66, or 4.1%, at $39.27 a barrel. Brent was down 7% on the week. U.S. oil CLc1 settled down $1.67, or 4.3% at $37.05 a barrel, an 8% drop on the week. Both benchmarks were down for a second consecutive week.