WTI Crude Oil Recovers Some Losses – Trump’s Health in Focus
Arslan Butt • 1 min read
At the beginning of a brand new trading week, WTI crude oil prices have recovered around 2% of their value over upbeat statements from doctors about US President Donald Trump’s health condition after contracting COVID-19. At the time of writing, WTI crude oil is trading at around $37.89 per barrel.
Oil prices had fallen by over 4% late last week when reports confirmed Trump’s diagnosis, as global financial markets were hit by uncertainty even as they traded under pressure due to the rise in coronavirus cases globally. The pressure has since eased as Trump’s health shows signs of improving, helping crude oil recover some of its value.
WTI crude oil prices also enjoyed some support due to the workers’ strike in Norway which has driven up to a 330k bpd reduction in oil production. Oil has been under pressure lately due to weakness in demand even as reports suggest that OPEC’s production increased in September.
However, weak demand concerns continue to limit gains in oil prices. Meanwhile, after months of blockade, Libya has not only restarted oil production but has increased its output to 270k bpd, sending OPEC oil production levels higher.