Oil futures rose on Monday, with U.S. prices marking their first gain in three sessions as traders monitored developments tied to President Donald Trump’s COVID-19 diagnosis and an oil workers’ strike that’s expected to cut production in Norway.
November West Texas Intermediate crude rose $2.17, or 5.9%, to settle at $39.22 a barrel on the New York Mercantile Exchange reported MarketWatch.
December Brent crude, the global benchmark, advanced $2.02, or 5.1%, to $41.29 a barrel on ICE Futures Europe. That marked its first gain in five sessions.
WTI oil futures dropped nearly 8% last week, while Brent fell more than 7%.
Improvements in Trump’s condition “would raise the chances that a fiscal stimulus deal will get done before the election,” said Edward Moya, senior market analyst at Oanda. For now, oil is “following the broader market” higher, but these “gains on stimulus prospects could easily go up in smoke,” he said.
Source: MarketWatch
