Oil Prices Rise 2% Amid Easing Trump Health Concerns

Oil Prices Rise 2% Amid Easing Trump Health Concerns

Oil Prices Rise 2% Amid Easing Trump Health Concerns

SINGAPORE (Reuters) – Oil prices rose more than 2% on Monday after doctors said US President Donald Trump could be discharged from hospital as early as Monday.

Brent crude oil futures rose 2.14% to $ 40.11 a barrel by 08:30 Moscow time. WTI futures added 2.51% to $ 37.98 a barrel.

Oil prices fell more than 4% on Friday after reports of Trump's coronavirus infection.

Trump's doctors said his health was improving and he could be discharged from the hospital and returned to the White House on Monday.

“I think it (the oil price rebound) has to do with the US President's health improvement … there have been a lot of conflicting reports about his health over the weekend, but overall he is recovering,” said Avtar Sandu of Phillip Futures.

“He might be back to work soon.”

Prices are also supported by a strike by mining workers in Norway. According to the Norwegian Petroleum Association, production in the country could fall by 330,000 barrels of oil equivalent per day, or 8% of total production.

Libya's oil production nearly tripled, reaching 270,000 barrels per day last week after eastern forces eased a blockade of the country's oil infrastructure.

(Florence Tan; Translated by Caleb Davis. Editor Marina Bobrova)

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