Oil prices rebound 2% on Trump's health, Norway strike escalation | Reuters

Oil prices rebound 2% on Trump's health, Norway strike escalation | Reuters:

Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.

Trump’s health update eased political uncertainty in global markets, pushing Brent up to $40.10 a barrel by 0613 GMT, gaining 83 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude was at $37.94 a barrel, up 89 cents, or 2.4%.

Oil was also supported by an escalating workers’ strike in Norway that has shut four of Equinor’s oil and gas fields. The strike could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of its total output, according to the Norwegian Oil and Gas Association.

Prices had slumped more than 4% on Friday amid uncertainty surrounding Trump’s health, adding to concerns about rising coronavirus case numbers that could dampen a global economic recovery.