05 Oct Oil prices rise on news of Trump’s health
Oil prices rose about 2% early Monday on comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday; Brent up to $39.96 a barrel by 0232 GMT.
Reuters reports that prices had slumped more than 4% on Friday amid uncertainty surrounding Trump’s health, adding to concern that rising coronavirus case numbers that could dampen global economic recovery.
But analysts said Monday’s rebound was driven by an easing of the worst fears about Trump’s health condition, albeit clouded by some mixed signals.
“I think it’s the improving health of the U.S. President over the weekend there were a lot of conflicting reports on his health, but generally he’s improving,” said Avtar Sandu, senior commodities manager at Phillip Futures told Reuters.
Prices were also supported by an expanding workers’ strike in Norway on Monday that could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of its total output, according to the Norwegian Oil and Gas Association.