Oil Drops As Trump Tests Positive for COVID-19 – 1 October, 2020

U.S. President Donald Trump has tested positive for the coronavirus, causing oil to drop 2%. Brent crude fell 1.9% or 78 cents to $40.53 per barrel. U.S. oil slipped 2% or 79 cents to $37.93 per barrel. Both contracts are on track for an over 5% fall this week, with the commodity already in negative territory as the virus continues to spread around the country, leaving many questioning future demand. A lack of progress in the next round of a U.S. relief package and a worsening economy also left many investors worried.