Oil prices climb as Trump's return to White House calms nerves | Reuters

Oil prices climb as Trump's return to White House calms nerves | Reuters:

Oil prices gained on Tuesday due to fears that refineries could be hit by a storm brewing in the Gulf of Mexico, while buyers also drew relief from U.S. President Donald Trump’s return to the White House after being treated for COVID-19 in hospital. 

The gains slightly extended Monday’s rally of more than 5%, when buyers took heart from Trump saying he would return to the White House, and from growing hopes for an agreement on a U.S. stimulus package to counter the impact of the pandemic.

U.S. West Texas Intermediate (WTI) crude futures were trading 36 cents, or nearly 0.9% higher at $39.58 a barrel at 0710 GMT.

Brent crude futures rose 25 cents, or 0.6%, to $41.54 a barrel.