Trump's Covid diagnosis piles bearish pressure on oil prices

CRUDE oil prices, already possessed by bears amid a supply glut and an elusive US stimulus package, were hammered on Friday as uncertainty reigned on news that US President Donald Trump tested positive for Covid-19.

Brent, the global benchmark, and US crude West Texas Intermediate (WTI) were each down 2.9 per cent to US$39.80 and US$37.60 a barrel respectively around midday in Asia on Friday, about two hours after Mr Trump tweeted that he and First Lady Melania Trump tested positive for coronavirus and will begin quarantine.

Both benchmarks have dropped more than 7 per cent since Monday, their second consecutive week of decline.