Oil drops 4% after Trump infection with coronavirus

Oil prices fell by four percent today after US President Donald Trump was hit by Covid-19 and negotiators failed to agree on a stimulus package in the United States at a time when the rise in global oil production threatens to crush a weak price recovery, according to "Reuters."

Brent crude was down on news of a Trump infection, falling 1.67 cents, or 4.1 percent, to $ 39.26 a barrel by 1038 GMT. US crude fell $ 1.62, or 4.2 percent, to $ 37.10.

US crude and Brent crude are heading towards a decline of about eight percent and six percent, respectively, this week, for the second week in a row.

In a tweet, Trump wrote that analysis showed that he and First Lady Melania Trump had infected with Covid-19, which led to sell-offs in the US and European stock markets.

Oil was already low after US House Speaker Nancy Pelosi and the White House failed to reach a bipartisan agreement on US stimulus, adding to concerns about deteriorating demand without further support for the economy.