Oil jumps 5% as Trump leaves hospital, Norwegian offshore drilling rigs shut down

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Oil jumps 5% as Trump leaves hospital, Norwegian offshore drilling rigs shut down

On Monday, both US and UK crude oil futures’ prices climbed as much as 5 per cent after the US President Donald Trump had been quoted saying that he would be discharged from the hospital as early as by Tuesday, while a shutdown of at least six major offshore oil and gas fields in Norway following an assembling of more workers into a picketing line had aided in market participants’ causes.

In point of fact, Monday’s rally in the crude oil futures’ prices that had pared almost all of the losses which the futures had to stomach on Friday, was almost entirely galvanized by an upbeat remark from the US President Donald Trump, while his energetic approach to defy the pandemic-horror alongside an intent to leave the hospital less than a month ahead of the November 3 US Presidential election, had spurred up investors’ optimism.

Nonetheless, crude oil futures’ prices were met with a slandering slump of over 4 per cent on Friday following reveal of the media headlines that the US President Donald Trump alongside the first lady Melania Trump had been infected with the pandemic contagion, however, Trump’s Monday remark on leaving the hospital late on the day had added to investors’ optimism.

Oil gains as Trump set to leave the hospital

Citing statistics, on the day’s commodity market wrap-up, UK crude futures’ prices jumped 5.1 per cent to $41.29 a barrel, while the US West Texas Intermediate crude oil futures’ prices climbed 5.9 per cent to $39.22 per barrel.

Apart from a lively show-off of the US President Donald Trump on Monday when he was being seen to take a road-trip while having been in pandemic medication, hopes of another round of trillion-dollar stimulus package had also countered a likely supply glut that followed an increase in production of the OPEC+ nations, while an escalating workers’ strike in Norwegian offshore natgas and oil fields over an increase in pay offs had plunged the resource rich arctic country’s oil output by 8 per cent, eventually acting as a prudent support for the crude oil futures’ prices.