Oil prices fell 3% on Friday after U.S. President Donald Trump tested positive for Covid-19, roiling risky assets, and as rising global crude output threatens to overwhelm the market’s weak recovery.
Benchmark Brent and U.S. crude were both headed for 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.
