Oil gains as Trump returns to White House

Oil prices rose on Tuesday over fears that refineries could close again due to a storm brewing in the U.S Gulf. Investors were also relieved by news that President Donald Trump returned to the White House after being discharged from the hospital for COVID-19.

U.S. West Texas Intermediate crude futures rose 0.9%, or 36 cents, at $39.58 per barrel. Brent crude futures climbed 0.6%, or 25 cents, at $41.54 per barrel.

Oil prices sharply declined on Friday when Donald Trump said he tested positive for COVID-19. Investors were uncertain about what would happen in the United States as the presidential elections draws near.

Still, oil markets are concerned about an escalating labor strike in Norway, which led to the shutdown of six offshore oil and gas fields and evacuation from the refineries in the Gulf.

The Norway strike will slash the country’s production by over 330,000 boepd, or nearly 8% of total output. 

Analysts expect crude stocks climbed by 400,000 barrels in the week ended Oct. 2, gasoline inventories likely dropped by 900,000 barrels, while distillate stocks, including diesel and heating oil, fell by 1.4 million barrels.