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Global Crude Oil Prices Continue to Decline on Prez Trump’s COVID Report

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International crude oil prices continued to decline due to persistent global economic uncertainties, going down further after the announcement that US President Donald Trump had tested coronavirus positive.

A further increase in crude supplies also eased the prices, analysts said.

Consequently, Brent crude slumped below $40 per barrel. Currently, the December contract Brent crude on the Intercontinental Exchange (ICE) is trading at $39.58 per barrel, lower by 3.30 per cent from its previous close.

The November contract of WTI crude was at $37.40 per barrel, lower by 3.41 per cent from its previous close.

Oil prices have of late been under pressure due to poor demand amid the coronavirus pandemic and vanishing hopes of further stimulus in the US.

On Friday, prices further declined after Trump announced that he and First Lady Melania Trump have tested positive for the infection.

Taking to Twitter late Thursday night, Trump said: “Tonight, @FLOTUS and I tested positive for Covid-19. We will begin our quarantine and recovery process immediately. We will get through this together.”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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