Oil Extends Losses After President Trump Says He Has Covid-19
- Chances for U.S. fiscal stimulus before election are fading
- WTI declines 3.2% Friday and is down around 7% this week
This article is for subscribers only.
Oil extended losses on Friday as it got caught up in a broad downward move in financial markets after President Donald Trump said he had tested positive for the Covid-19 virus.
Futures in New York fell toward $37 a barrel, while global benchmark Brent dropped as much as 3.7%. The U.S. president announced that he and First Lady Melania Trump had tested positive for Covid-19, shortly after one of his closest aides, Hope Hicks, had fallen ill with the coronavirus. Asian stocks retreated, as did European and U.S. equity futures, while the dollar swung wildly.