Oil prices rise after Trump’s return to White House

Oil prices rise after Trump’s return to White House

Oil prices rose in early trade on Tuesday after U.S. President Donald Trump returned to the White House from hospital, while another storm brewed in the U.S. Gulf of Mexico; Brent crude futures rose 8 cents, or 0.2%, to $41.37 a barrel.
Prices fell sharply last Friday when Trump went into hospital, then climbed more than 5% on Monday after he said he would return to the White House and as hopes grew that a deal could be agreed for a U.S. economic stimulus package to counter the impact of the coronavirus pandemic.
Other factors in the price increase include the expanding strike by workers in Norway, which shut six offshore oil and gas fields, and the evacuation of oil platforms in the U.S. Gulf of Mexico ahead of Tropical Storm Delta heading toward Louisiana and Florida also helped support prices.
“It’s the supply-side factors that have changed in the last 24 hours and are contributing more to the uplift,” said Lachlan Shaw, head of commodity research at National Australia Bank.

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