A pretty shocking news story came some time ago. The President of the United States, Donald Trump, said that he was positively affected by the Coronavirus which is now being outbreak. He is now undergoing treatment from the doctor.

In addition to treatment from medical personnel, of course, Trump is also required to undergo isolation. This is what makes it possible to be inactive and work as usual every day. Therefore, some commodities sold on the market may be affected.

One of the commodities reportedly affected by this incident is oil. According to the data, oil prices fell as much as 3% on Friday after U.S. President Donald Trump declared COVID-19 positive. Of course, there are other causes for this.

U.S. Stimulus Package Still Uncertain

Reportedly, the negotiators failed to agree to the U.S. stimulus package. This situation is certainly not expected and has some adverse impacts on the market. Brent crude slipped on The Trump news and fell $1.23, or as much as 3%.

At $39.70 a barrel, U.S. Oil was down $1.17, or 3%, to $37.55. U.S. and Brent's crude headed for declines of about 5% and 6% respectively this week. The move is the second week in a row. This data is for sure can change again.

In a tweet, Trump did say that he and First Lady Melania Trump were positively declared COVID-19. This tweet certainly surprised a lot of people. What's more, a few days ago the president of the United States just had a debate.

Oil Already in Negative Territory

Oil is already in negative territory amid discussions for greater economic assistance in response to the pandemic. It adds to concerns about worsening demand without more support for the economy. It was a weak market and this event has come. 

Certainly, the news about the US president adds to the uncertainty. This is what Lachlan Shaw, head of commodity research at National Australia Bank Melbourne, said. Little demand and abundant supply are at the heart of why oil prices felt.

Crude oil supplies from the Organization of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day (BPD) from the previous month. The data was taken from a survey conducted by Reuters. This is what to look out for.

Production in Multiple Places Increases Significantly

Libyan production has risen faster than analysts had expected after the easing of the blockade by the country's National Army. Its crude oil production has risen to 270,000 barrels per day as the country increases export activity. It is a huge number.

The information was obtained from a reliable source in Libya to Reuters on Thursday. New COVID-19 cases worldwide have risen to more than 34 million or nearly 2 million more than at the end of last week, according to a Reuters tally.

This week marks the grim mark of 1 million deaths and some countries are tightening restrictions. They also consider locking down their country when infections get faster. It is what sparked concerns about the impact on fuel demand.

Economic Circumstances that Have not Improved

Some time ago, the world had hope about the presence of a vaccine for corona. However, the vaccine is still in clinical trials. There are some who have escaped until now and some have caused symptoms. On the other hand, COVID-positive cases continue to rise.

Therefore, economic activity and public income are arguably not stable. There are still a lot of countries that are struggling right now to handle this pandemic. It is what makes the demand for crude oil now in a downward trend.

Rising oil prices are always likely to be limited due to growing concerns about the global consumption picture. On the other hand, an increase in OPEC+ production is also one of the reasons. Here's what Jeffrey Halley, senior market analyst at OANDA, said.