Oil prices surge, WTI crude gains more than 4%

05/10/2020 Argaam

Crude oil prices rallied on Monday amid reports that US President Donald Trump, who was down with coronavirus, could be discharged from the hospital soon.

 

The global benchmark Brent crude was back up above $40-mark, and was trading up 3.7% at $40.74 a barrel, at 1.50 pm Makkah time.

 

US West Texas Intermediate (WTI) crude futures jumped 4.3% to $38.64 a barrel.

 

Both benchmarks had slumped more than 4% on Friday, and posted a weekly decline, as health concerns about President Trump sparked uncertainty in the markets.

 

Trump and US First Lady Melania contracted the coronavirus last week, and were moved to a hospital. Doctors overseeing the President’s health expect him to return to the White House later today.

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