Trump Isolates As Oil Price Drops, Dollar Rises

Trump’s positive test means that others at the highest levels of the U.S. government may have been exposed and have to quarantine, too.

In another development, oil prices yesterday extended losses to about three percent after United States President Donald Trump said he had tested positive for COVID-19.

Agreement on a U.S. stimulus package also eluded negotiators amid ongoing worries about demand.

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 percent at $37.60.

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The U.S. and Brent crudes are heading for drops of around five percent and six percent respectively this week for a second consecutive week of declines.

Meanwhile, the safe-haven dollar climbed to a four-week peak on Tuesday, led by gains versus sterling on renewed worries about Brexit and as risk appetite waned with a sell-off on Wall Street.

Analysts said the U.S. currency’s gains are likely to be unsustainable.

Sterling fell to a four-week low against the dollar and was last down more than 1.2% at $1.2987 GBP=D3. Britain had gone into Tuesday’s fresh round of Brexit trade talks warning it was ramping up no-deal preparations.