Oil extends gains as President Trump returns to White House

06/10/2020 Argaam


Oil prices extended gains on Tuesday as US President Donald Trump returned to the White House from hospital, where he was admitted Friday, Oct. 2, after testing positive for coronavirus.

 

Brent crude was trading higher by 0.3% at $41.43 a barrel, at 8.55 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures also gained 0.3% to $39.34 a barrel.

 

Both benchmarks rose sharply on Monday, adding more than 5%, as President Trump confirmed his return to the White House.

 

Oil prices also found support from an expanding workers’ strike in Norway, which shut six offshore oil and gas fields. Additionally, evacuation protocol has been put in place for oil platforms in the US Gulf of Mexico ahead of Tropical Storm Delta heading toward Louisiana and Florida.

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