Global oil prices continued to rise on Tuesday morning, with market optimism supported by news that US President Donald Trump has returned to the White House after a three-day hospital stays due to the coronavirus, as well as reports from Norway. This is evidenced by the bidding data.
The price of December futures for the North Sea Brent oil mixture rose by 0.46%, to $41.48 per barrel, the cost of November futures on WTI вЂ” by 0.38%, to $39.37 per barrel. A day earlier, oil rose in price by 5%.
After the US President announced on Friday that he had contracted the coronavirus, oil prices fell, and now on the news of his improvement in his health and after his return from the hospital, the cost of oil rises.
News from Norway remains another factor supporting oil prices. Six oil and gas fields in the country were closed on Monday in the wake of strikes, including four by the Norwegian company Equinor, according to Reuters, citing companies and union representatives. The Norwegian Petroleum and Gas Association (NOG) said the strike could reduce production capacity in Norway by 330,000 barrels of oil equivalent per day, or 8% of total production.
In addition to the situation with Trump and news from Norway, expectations for the stimulation of the US economy also remain in the attention of the markets, said the head of research in the commodity sector at National Australia Bank Lachlan Shaw, quoted by Reuters. A new stimulus package could support economic recovery, which will have a positive impact on demand.