On Tuesday, oil prices sustained yesterday’s gains following US President Trump’s return to the White House from the hospital after admitted for coronavirus treatment on Friday.
By 01.34 GMT, Brent crude oil futures climbed 0.2% or 8 cents to USD41.37/barrel while the US WTI crude oil futures edged up by 2 cents to USD39.24/barrel.
Previously on Friday, oil prices nosedived as Trump went to the hospital. On Monday, prices soared by more than 5% following his statement that he would return to the White House.
Other than that, the oil workers’ strike in Norway also provided support for oil prices. The strike shut six offshore oil and gas fields, slashing about 8% of the country’s total output or 330,000 boepd.
The evacuation of oil platforms in the US Gulf of Mexico ahead of Tropical Storm Delta, along with optimism regarding talks of US economic relief package, also propped up prices.
Looking ahead, market players are anticipating the American Petroleum Institute (API)’s and the US Energy Information Administration (EIA) oil inventories reports.
A Reuters poll predicted the US crude stocks climbed by 400,000 barrels last week. Gasoline stocks were seen to fall by 900,000 barrels while distillate stocks likely slumped by 1.4 million barrels.
