Oil Prices Rise 2% After Upbeat Signals From Trump Doctors

Oil prices increased by more than 2% on Monday, supported by statements from doctors to US President Donald Trump indicating that he could be discharged from the hospital today, a few days after he was diagnosed with the Coronavirus, which caused widespread panic.

New information on Trump’s health reduced the size of political uncertainty in global markets, which pushed Brent to $ 40.11 a barrel, as it gained 84 cents, equivalent to 2.1%. U.S. West Texas Intermediate crude rose 91 cents, or 2.5%, to $ 37.96 a barrel.

Prices had fallen by more than 4% on Friday, amid uncertainty surrounding Trump’s health, which came in addition to fears that the growing number of cases of Coronavirus may undermine the global economic recovery. But analysts said today’s rally is driven by the receding of the biggest concern about Trump’s health, despite some mixed indications.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), has nearly tripled its production, reaching 270,000 barrels per day last week.