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Illustration: Sarah Grillo/Axios

Oil prices plunged after President Trump's overnight announcement that he tested positive for COVID-19 and federal data this morning that showed a slowdown in U.S. hiring.

Why it matters: Oil prices were already under downward pressure from the virus' persistence and, per Reuters, the U.S. impasse over stimulus talks.

Crude's recovery from its spring depths has already been stalled for months as the pandemic's staying power hinders the pace of the demand revival.

  • WTI has largely been hanging around the low-$40s range at best since June, a level that ensures continued financial jeopardy for producers.

What they're saying: “Having already had to deal with growing concerns over the demand outlook, the oil market has been unable to escape the broader market sell-off following President Trump’s positive Covid-19 test result,” ING Bank NV analyst Warren Patterson tells Bloomberg.

The big picture: Via AP, "The positive test reading for the leader of the world’s largest economy heaps uncertainty onto a growing pile of unknowns investors are grappling with, first among them how it might affect the Nov. 3 election and American policies on trade, tariffs and many other issues beyond then."

Go deeper

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Dion Rabouin, author of Markets
Dec 16, 2020 - Economy & Business

Stock traders may be putting too much faith in Congress

Illustration: Aïda Amer/Axios

As the year comes to an end, investors find themselves in a similar position to where they were when it started: Watching a feverishly hot stock market hitting new highs and wondering if the rally is too good to be true.

The state of play: While stock traders remain confident the Fed will continue to provide unprecedented monetary policy stimulus, the market may need President-elect Joe Biden and a potentially divided Congress to deliver large fiscal spending packages to keep the rally alive.

Ben Geman, author of Generate
15 mins ago - Energy & Environment

Carbon emissions are roaring back from COVID-19

Expand chart
Data: IEA Global Energy Review 2021; Chart: Axios Visuals

Global energy-related carbon emissions will surge this year as coal, oil and natural gas consumption return from the pandemic that caused an unprecedented emissions decline, the International Energy Agency estimated Tuesday.

Why it matters: The projected rise of nearly 5% would be the largest since the "carbon intensive" recovery from the financial crisis over a decade ago, IEA said, putting emissions just below their 2019 peak.