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Oil prices continued to drop to more than 3% after President Trump said he and his wife had tested positive for Covid-19 besides existing concerns about demand.
Brent crude fell after Trump’s headlines, down 1.47 cents, or 3.6%, to $ 39.4 a barrel, and US crude fell $ 1.40, or 3.6%, to $ 37.32
US crude is heading towards a decline of about 6% this week, while Brent is on a path of falling by more than 7%, in a decline for the second consecutive week for the two benchmarks.
In a tweet, Trump wrote that tests showed that he and first lady Melania Trump had tested positive for COVID-19. Trump had previously said he started a quarantine after Hope Hicks, a senior adviser to the president infected with the virus.
Oil was already low after US House Speaker Nancy Pelosi and the White House failed to reach an agreement between the Republican and Democratic parties on economic aid to mitigate the impact of the pandemic, adding to concerns about deteriorating demand without further support for the economy.
A Reuters survey showed that crude supplies from the Organization of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day compared to a month ago.
The increase is mainly a result of high supplies from Libya and Iran.
New cases of Covid-19 worldwide have risen to more than 34 million, which is about 2 million more than at the end of last week, according to Reuters.
