- Oil fell as much as 5% on Friday after Presidnet Donald Trump said he had tested positive for COVID-19. That decline far outpaced other asset classes.
- Trump’s test has no direct impact for the oil market right now, but it has brought into stark focus the risks to both supply and demand, analysts said.
- Crude oil is set for its biggest weekly slide since the end of August and the price is approaching recent three-month lows.
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Affter US president Donald Trump tweeted early on Friday morning that he and his wife had tested positive for COVID-19, global financial markets went into a tailspin. Stocks, cryptocurrencies, and industrial commodities slid sharply and gold and safe-haven Treasuries rallied.
But it was oil that took the hardest hit.
The price of WTI crude oil plunged by as much as 5%