- WTI is down $1.74 to $36.98/Bbl, and Brent is down $1.82 to $39.11/Bbl
- Oil prices got caught up in a broad downward move in financial markets after President Donald Trump tested positive for Covid-19 virus
- Crude was already slightly lower before the midnight Covid-19 announcement from the president as the chance of any more U.S. fiscal stimulus before the election appeared to be fading (Bloomberg)
- WTI futures fell toward $37/Bbl on Friday morning, over a four-percent move
- S&P equity futures were down over 1.3%
- Russia, who is part of the OPEC+ alliance, raised its crude and condensate production last month
- The OPEC+ member pumped 9.9 MMBbl/d in September, a 0.6% increase when compared with August
- Increases from Russia and Libya have added more crude supply to the global glut of crude
- Russia's production increase was part of OPEC+'s calculated tapering of cuts, but Libya's was unplanned and a thorn in OPEC+'s plan to continue adding more supply to the market as demand returns