Both Brent and US West Texas Intermediate (WTI) crude oil futures’ prices were hit with a heavy whiplash of more than 4 per cent after the US President Donald Trump had been quoted saying earlier in the day that he had been infected with the pandemic pathogen alongside the first lady Melania Trump, while a holocaust in non-farm payrolls last month had exposed a raft of roiling risks over crude oil demands.
Apart from a day of downbeat economic data alongside reports of Trump having been infected with the pandemic pathogen, a rising global crude oil output appears to be threatening the global crude oil market’s weakening recovery as OPEC+ nations were expected to step up their outputs as early as by next week.
Crude oil posts second straight week of decline as OPEC+ set to flood the market
In point of fact, Friday’s faltering of crude oil futures’ prices had spurred up uncertainties regarding a global-scale economic recovery, while an increase in supplies from the world’s major crude oil producers alongside the doubts besieged over the US President Donald Trump’s health as he was admitted into the Walter Reed Medical Centre, had added to further strain on crude oil futures’ outlook.
Citing statistics, on Friday’s commodity market wind down, Brent crude futures’ prices dived 4 per cent to $39.27 a barrel, while the US WTI crude oil futures’ prices were pummelled 4.3 per cent to $37.05 per barrel.
For the week, UK crude futures had stomached a slump of 7 per cent, while US WTI crude futures had been down by 8 per cent. Meanwhile, addressing to a pandemic bubble that seems to be taking a heftier toll in the crude oil markets than the industry analysts had forecasted last month, a partner at Again Capital in New York, John Kilduff said on the day’s commodity market round off, “It’s been a rough week, and now the president’s diagnosis sends a shudder through markets. The COVID-19 pandemic has weighed more on the oil market than any other asset class”.