The growing coronavirus cases in the United States and Europe are weighing on oil price as it falls over 3% on Wednesday shedding all the gains it made on the previous day. Crude prices are falling amid fears of a supply glut in oil and weaker fuel demand.

European governments have introduced lockdown measures to try to control the spread of the virus.

Although President is a proponent of opening the economy for business, he acknowledged on Tuesday that a coronavirus economic relief deal would likely come after the election, as the differences between the Republicans in the U.S. Senate as well as congressional Democrats are yet to be resolved.

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