• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Oil Prices Poised to Bounce Back in 2024

Oil Prices Poised to Bounce Back in 2024

Despite current low prices, commodity…

Oil Prices Projected to Remain Below $80 in 2024

Oil Prices Projected to Remain Below $80 in 2024

Analysts predict that U.S. benchmark…

Selling Pressure in Oil Subsides

Selling Pressure in Oil Subsides

While the Red Sea attacks…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Prices Soar As Trump’s Condition Improves

Trump

Oil prices skyrocketed on Monday morning as U.S. President Donald Trump’s health appears to have improved after testing positive for the coronavirus on Thursday evening.

At 11:06 a.m. EDT, the price of the WTI benchmark had risen by 6.15% to $39.33. While the gains are substantial for the day, they are still under the $40 per barrel mark, and still under where prices were just a week ago, as both major benchmarks stumbled on Friday as reports came in that President Trump had tested positive.

But by Monday, White House Chief of Staff Mark Meadows suggested that the President was improving, and was ready to return to work as usual. Meadows also indicated that President Trump could return to the White House later today. The U.S. President also took a few moments out of his hospital sequestration on Sunday to appear in a motorcade to wave to his supporters.

While Trump took criticism for his brash move on Sunday, his appearance instilled confidence in the markets.

The Brent crude benchmark was trading up 5.65%, at $41.49.

Prices were also supported by strike action in Norway that shut down six offshore oil and gas fields on Monday, including four of Equinor’s. More oil and gas field shutdowns are possible in Norway as the strike continues to escalate over pay.

The strike, while painful for Norway, is a welcomed addition to the oil markets who are grappling with low demand and increasing supply out of Libya. Production has ramped up in Libya to almost double following a lifting of the months-long blockade.

In Libya, production is now thought to be near 300,000 bpd. The strike in Norway is estimated to have taken offline 330,000 bpd, more than offsetting any gains in Libya.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News