(Bloomberg) — Oil fell in New York and the global benchmark Brent plummeted to the lowest level since June after President Donald Trump’s positive Covid-19 diagnosis combined with labor market weakness heightened concerns over an economic recovery.
U.S. crude futures declined 4.3% and Brent slid below $40 a barrel in volatile trading on Friday. A top World Health Organization official said the outbreak in the White House constitutes a disease cluster and needs to be taken seriously. While Trump is experiencing mild symptoms, the diagnosis adds another degree of uncertainty to a market reeling from a resurgence of the global pandemic from New York to London.
Meanwhile, U.S. job gains slowed in September and many Americans quit looking for work, further underscoring the shaky state of the economy. U.S. House Speaker Nancy Pelosi said negotiations on a new stimulus with the White House will press ahead. Still, both