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The oil prices fell sharply on Friday, after Donald’s announcement
Trump that he tested positive for covid-19, in a context of an imbalance between supply and demand that remains poorly conducive to price recovery.
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At around 9:40 am London time, a barrel of North Sea Brent for December delivery was worth $ 39.34 in London, 3.88 percent less than Thursday at the close.
(In Context: Donald Trump and his wife Melania test positive for coronavirus)
In New York, a barrel of WTI for November was down 4.18 percent to $ 37.10. By Thursday, the two benchmark prices had already fallen more than 3 percent, having crossed the -5 percent mark during the session.
“Oil prices experienced a very turbulent session yesterday (Thursday) and the declines continued to accelerate this morning with the news that the president of the United States Donald Trump tested positive for coronavirus “JBC analysts said.
Trump, 74, said in a tweet Thursday night that he tested positive, as did his wife Melania, and that he was going into quarantine.
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The announcement caused oil prices to plummet, which at the time were only losing 1 percent. Investors remain concerned “that the oil production of the Organization of the Petroleum Exporting Countries (OPEC) is increasing while the rebound in demand is wearing off,” the JBC analysts added.
And the absence of a new American recovery plan doesn’t help, according to Oanda’s Jeffrey Halley.
“The combination of tepid demand, increased global supply and political uncertainty in the United States are creating a powerful cocktail that drives prices down,” said Stephen Brennock, an analyst at PVM.
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AFP
