Shares, Oil Prices Plummet After Trump Contracts COVID-19

Donald Trump

It has been reported that oil prices extended losses to about 3 percent on Friday, after US President Donald Trump said he tested positive for COVID-19, according to TheCable.

Trump tweeted news of his positive result, just hours after the White House announced that Hope Hicks, one of his aides, had come down with the virus after travelling with the president several times this week.

Brent crude slipped on the Trump news and was down $1.12, or 2.7 percent, at $39.81 a barrel by 0710 GMT. U.S. oil was also down $1.12, or 2.9%, at $37.60. US and Brent crude are heading for drops of around 5 percent and 6 percent, respectively, this week for a second consecutive week of declines.

Also, US stock futures and Asian shares fell Friday. The future contracts for both the S&P 500 and the Dow industrials dropped nearly 2 percent but were trading 1.2 percent lower several hours later.