Oil Dives With Virus Fears Fueling Further Economic Uncertainty
- Data showing slowing U.S. job gains point to stimulus need
- Friday showed a flurry of Brent crude put options trading
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Oil fell in New York and the global benchmark Brent plummeted to the lowest level since June after President Donald Trump’s positive Covid-19 diagnosis combined with labor market weakness heightened concerns over an economic recovery.
U.S. crude futures declined 4.3% and Brent slid below $40 a barrel in volatile trading on Friday. A top World Health Organization official said the outbreak in the White House constitutes a disease cluster and needs to be taken seriously. While Trump is experiencing mild symptoms, the diagnosis adds another degree of uncertainty to a market reeling from a resurgence of the global pandemic from New York to London.