Oil prices rose in early trading today, Tuesday, after US President Donald Trump returned to the White House from the hospital after being admitted to receive treatment for the Corona virus last Friday, while another hurricane swept through the Gulf of Mexico in the United States.
Prices fell sharply last Friday when Trump entered the hospital, then jumped by more than five percent on Monday after he said that he would return to the White House and with growing hopes that a US economic stimulus package could be agreed to counter the impact of the Coronavirus pandemic.
U.S. West Texas Intermediate crude futures rose two years ago to $ 39.24 a barrel at 0134 GMT.
Brent crude futures also rose eight cents, or 0.2 percent, to $ 41.37 a barrel.
Also helped support prices were the expanded workers’ strike in Norway, which shut down six offshore oil and gas fields, and the evacuation of oil platforms in the US Gulf of Mexico ahead of Tropical Storm Delta, which has turned into a hurricane, heading towards Louisiana and Florida.
“These are factors … that have changed over the past 24 hours and are contributing the most to the rally,” said Lachlan Shaw, head of commodity research at the National Australia Bank.
The Norwegian Oil and Gas Union said the strike would reduce the country’s total production capacity by just over 330,000 barrels of oil equivalent per day, or about eight percent of total production.
Meanwhile, hopes have increased for a bipartisan agreement in the United States on an economic relief package, as Speaker of the House of Representatives Nancy Pelosi and Treasury Secretary Stephen Mnuchin spoke on Monday and expressed their willingness to talk again today, Tuesday, in a continuation of their efforts to reach an agreement. Legislation on the package.
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