Trump's Excited Message Boosts Oil Price Initially

 The start of the week saw crude oil trade bounce back after experiencing a tumble in the Friday following US President Donald Trump's report that tested positive for Covid-19.


Trading in front of Brent crude is expected to increase 2% to $ 40.09 a barrel, while WTI USA also sheds 2.5% to $ 37.97 a barrel.


Crude oil prices plunged more than 4% Friday to a 3-week low, pressured by uncertainty about Trump's stage of health and beyond adding to concerns that the continued increase in the coronavirus situation will weaken the global economic recovery.


By the end of the week, Trump was reported to have been given supplemental oxygen at least once and he was being treated with steroids that are usually used in the case of COVID-19.



However, he was later said to have recovered and was expected to be able to leave the hospital instead of the hospital as early as Monday.


Meanwhile, the conversation about the US stimulus aid package continued to be intensified after Trump in the latest preparation on his Twitter page urged Congress to slowly pass the stimulation of the new coronavirus.


Meanwhile, Saudi Arabia continues to prove that it is committed to meeting OPEC's spending quota by ensuring that its crude oil output was stable last month at 8,974 million barrels a day compared to 8,988 million barrels a day on August.