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Oil Price Drop to $39.84 Per Barrel

Oil prices tumbled on Friday after US President Donald Trump tested positive for the COVID-19. In a tweet, Trump said he and first lady Melania tested positive for the virus after a top adviser, Hope Hicks, had returned a positive test.

So far, global virus cases surpassed 34 million, with fatalities exceeding 1 millions. Some countries have relaunched new restrictions and mulling lockdowns as infections accelerate.

Oil was already in the negative territory after a bipartisan deal for another stimulus continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about deteriorating global oil demand due to the prolonged pandemic.

On the supply side, output from OPEC rose, amid a resumption of Libyan exports as the country’s Sarir oilfield restarted production after an eight-month blockade by the eastern-based Libyan National Army.

At around 05:45 AM GMT, WTI crude sank 2.9% to $37.58 a barrel, while Brent crude plunged 2.7% to $39.84 a barrel.

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About Babajide Iletogun

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