06-10-2020
Oil prices rose 6 percent on Monday after doctors said US President Donald Trump may soon be discharged from hospital where his is receiving Covid-19 treatment, and six Norwegian offshore oil and gas fields were closed as more workers join a strike.
By 15:29 GMT, Brent went up $ 2.21, equal to 5.6 percent, to settle $ 41.49 a barrel. U.S. West Texas Intermediate crude rose $ 2.37, or 6.4 percent, to settle $ 39.42 a barrel.
On Friday, prices slumped more than 4% following the news that Trump had tested positive for the coronavirus. Trump's health condition is still unclear as he entered the fourth day of his stay in a military hospital for treatment, but his doctors said that he might be discharged on Monday, which improved market sentiment.
Oil was also supported by the escalating workers’ strike in Norway over pay. Six Norwegian Offshore oil and gas fields were shut.
The strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association (NOG).
(Reuters)