Oil extends losses after Trump tests positive for COVID-19

Must Read

- Advertisement -

Oil prices extended losses to about three per cent on Friday after U.S. President Donald Trump said he has tested positive for COVID-19.

Oil extends losses after Trump tests 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 per cent at $39.81 a barrel by 0710 GMT.

U.S. oil was also down $1.12 or 2.9 per cent at $37.60.

- Advertisement -

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

In a tweet, Trump said that he and First Lady Melania Trump tested positive for COVID-19.

Oil extends losses after Trump tests positive for COVID-19
Oil extends losses after Trump tests positive for COVID-19 – www.brandspurng.com

Oil was already in negative territory after a bipartisan deal for more economic relief in response to the pandemic continued to elude House Speaker, Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy.

- Advertisement -

“It was a weak market already and this event has come along and added uncertainty, giving pause for people to say, ‘you know what, I’m taking some risk off the table’,’’ said Lachlan Shaw, Head of Commodity Research at National Australia Bank in Melbourne.

Crude supplies from the Organisation of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day (bpd) from a month earlier, a Reuters’ survey showed.

The increase was mainly the result of increased supplies from Libya and Iran, OPEC members that are exempt from a supply pact between OPEC and allies led by Russia – a group known as OPEC+.

Libya’s production has risen faster than analysts expected after the relaxation of a blockade by the Libyan National Army.

- Advertisement -

Its crude output has risen to 270,000 bpd as the country ramps up export activity, a Libyan oil source told Reuters on Thursday.

New COVID-19 cases worldwide have risen to more than 34 million, nearly two million more than at the end of last week and based on Reuters’ tallies.

Read Also:  Average price of Smartphone in Nigeria drops to $95

This week marked the grim milestone of one million deaths and several countries are tightening restrictions and contemplating lockdowns as infections accelerate, prompting concerns about the impact on fuel demand.

“Oil’s upside was always likely to be limited as fears risen about the global consumption picture and rising OPEC+ production,’’ said Jeffrey Halley, Senior Market Analyst at OANDA. (Reuters/NAN)

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

World Cleanup Day: Coca-Cola Partners NGOs, Recovers Over 900kg of Plastic Waste (PHOTOS)

World Cleanup Day, celebrated globally on September 19, 2020, saw diverse people come together to combat the solid waste problem through numerous community cleanup activities.

Orange and Schneider Electric Run Industrial 5G trials in French Factory

Schneider Electric, a leader in digital transformation, energy management and automation, and Orange, a global telecoms operator and leader in digital services, announced the first deployment of indoor 5G in the industrial sector in France on experimental frequencies as part of a trial.

Ventures Platform launches paid traineeship in Lithuania for Nigerian data analysts, scientists

Digital Explorers has launched applications for the second cohort of the program. This time, it is a female-only track that will select up to 15 female Data Analysts and Data Scientists at entry-level who will undergo up to 6 months paid traineeship in Lithuania. The program will consist of intensive training and a placement at a Lithuanian company.

Nestlé launches R&D Accelerator to drive innovation for dairy products and plant-based dairy alternatives

Nestlé, today, inaugurated a new R&D Accelerator to drive innovation and speed-to-market of sustainable dairy products, as well as plant-based dairy alternatives.

AfCFTA to Expand Nigeria’s Non-oil Exports

The African Continental Free Trade Area (AfCFTA) is one major solution for the expansion of non-oil exports from Nigeria to foreign lands, the Federal Government stated on Sunday.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Oil extends losses after Trump tests positive for COVID-19 - Brand Spur

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes...

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Oil extends losses after Trump tests positive for COVID-19 - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

Read Also:  Capital Market Playbook: Aug-19 review and Sept-19 outlook

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Oil extends losses after Trump tests positive for COVID-19 - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes in Singapore

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Oil extends losses after Trump tests positive for COVID-19 - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Oil extends losses after Trump tests positive for COVID-19 - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img