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.
