Oil prices rise 2% on Trump’s improving health

Oil prices gained over 2% on Monday, boosted by statements from Donald Trump’s doctors that the U.S. president may be discharged from hospital as early as Monday, just a few days after he announced that he contracted COVID-19.

Trump’s health update lifted Brent nearly 2.1%, or 83 cents, to $40.10 per barrel. U.S. West Texas Intermediate gained 2.4%, or 89 cents, at $37.94 per barrel.

Oil production in Norway was reduced by 330,000 boepd, or 8% of its total output amid an escalating workers’ strike.

Prices dropped over 4% on Friday amid uncertainty surrounding Donald Trump’s health, aside from the rising global coronavirus cases.

Analysts said that Monday’s rebound was prompted by easing fears about Trump’s health. News about his improving health offset signs of rising supply in the market.

Meanwhile, Libya’s output rose to 270,000 bpd, a three-fold of its usual production, as the country’s eastern forces eased a blockade in oil infrastructure.

Recent prices have also prompted producers to resume drilling in the United States. Energy firms added oil and natural gas rigs for a third week in a row.