• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 13 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 27 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 43 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days Modest drop in oil price: SPRs vs US crude inventory build
  • 2 days 2019 - Attack on Saudi Oil Facilities.
  • 4 days Ukrainian Maidan after 8 years
  • 5 days NordStream2
  • 4 days Peak oil - demand vs production
  • 5 days "How the CO2 shortage is impacting the food and drink sector" - Specialty Food Magazine
  • 5 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Falls As Trump Tests Positive For COVID-19

Crude oil prices took a nosedive today after President Donald Trump tweeted late last night that both he and the first lady had tested positive for Covid-19.

Brent crude slipped below $40 in Asian and European trading, and West Texas Intermediate stayed below $38 a barrel, after falling earlier this week.

Oil was already on the decline earlier this week, weighed down by renewed fears about demand recovery as new Covid-19 cases continued rising fast in Europe, the U.S., and India. The global total passed 34 million this week, up by a million from a week earlier. The death toll from the disease passed the 1-million mark this week as well.

In more bearish news, the U.S. Congress continued failing to strike a bipartisan deal on further financial stimulus. The only development in this direction was the House approving a Democrat-proposed bill for an additional $2.2-trillion in stimulus that is likely to hit a wall in the Senate.

As a result of legislators’ failure to reach a bipartisan deal, U.S. airlines began preparing for furloughs and layoffs that could affect as much as 45,000 people.

In yet more bad news, OPEC’s oil production rose in September, by 160,000 bpd, according to preliminary figures from a Reuters survey. The increase came from Libya and Iran, both exempt from the production-cutting deal that OPEC agreed on earlier this year to prop up prices.

Libya, which last month restarted production at three oil export terminals and several fields, is now pumping 270,000 bpd, according to an unnamed source who spoke to Reuters. A month ago, the country was only producing less than 100,000 bpd.

OPEC export data was also bearish: according to the latest figures, the cartel exported 18.2 million bpd last month, versus 17.53 million bpd in August. OPEC+ exported 22.84 million bpd in September, up from 22.11 million bpd in August.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Carlos Blanco on October 02 2020 said:
    Well, I guess we can forget about the oil price prediction of $45-50 per barrel for 2020. There is absolutely no upside support for the price these days. Trump's infection, Covid comeback, and Libya's production increase will only make it worse.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News