Oil prices are rising amid positive information about Trump’s health

Oil prices are rising amid positive information about Trump’s health
Oil prices are rising amid positive information about Trump’s health
Crude oil prices rose at the beginning of weekly trading today, Monday, supported by positive information about the health of US President Donald , who announced last week that he and his wife were infected with the Coronavirus.

And on Sunday, the medical staff treating “Trump” said that the president’s health is improving, and that he may return to the White House from Monday.

At 07:30 UTC Monday morning, global benchmark Brent crude futures for December delivery rose 1.45% to $ 39.84 a barrel.

US West Texas Intermediate crude futures for November delivery increased 1.51% to $ 37.63 a barrel.

On Friday, the US President announced that he and his wife were infected with the Coronavirus, and he was transferred to a military hospital later that day after his health had deteriorated, before announcing that he was feeling better.

Crude prices recorded a decline in trading last week, with data showing an increase in crude exports to Russia and Iraq, which means more global supply of oil in the markets.

Analysts said that today’s rise is driven by the receding of the biggest concern about Trump’s health, despite some mixed indications about that, according to Reuters.

“I think it’s about the improvement of the health of the US president … there were a lot of conflicting reports about his health over the weekend, but overall he’s improving,” said Avtar Sandow, director of commodities affairs at Phillip Futures.

“He may return to work soon,” Sandow added, adding that investors are concerned about the stalling of the fiscal stimulus plan in the United States, which may contribute to a recovery in oil demand.

The rise in prices also supported the continuation of a workers’ strike in Norway today, which may reduce the country’s production capacity by up to 330,000 barrels of oil equivalent per day, equivalent to 8% of total production, according to the Norwegian Oil and Gas Association.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), has seen its production increase nearly three-fold, reaching 270,000 barrels per day last week, after forces from the east eased a blockade on the country’s oil infrastructure.

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