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MELBOURNE – Oil prices soared on Tuesday after U.S. President Donald Trump returned to the White House from hospital after being admitted to COVID-19 for treatment last Friday, while another storm erupted in the U.S. Gulf of Mexico.
Prices plummeted last Friday when Trump went to the hospital, then on Monday he said he would return to the White House and there is growing hope that a deal could be struck to counter the impact of the U.S. economic stimulus package. Coronavirus epidemic.
U.S. West Texas Intermediate (WTI) crude CLC1 futures rose 2 cents to સેન્ટ 39.24 a barrel at 01 cents GMT.
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Brent crude LCOC1 futures rose 8 cents, or 0.2%, to 41 41.37.
An extended strike by workers in Norway, which shut down six offshore oil and gas fields, and a U.S. Tropical Storm Delta heading to Louisiana and Florida. Pricing was also supported by the evacuation of oil platforms in the Gulf of Mexico.
A sh fashore drilling platform in the Gulf of Mexico. (iStock)
“These are supply-side factors that have changed in the last 24 hours and are contributing more to the uptrend,” said Lachlan Shaw, head of commodity research at National Australia Australia Bank.
Norway’s strike would reduce the country’s total output capacity by just 330,000 barrels a day, or 8% of total production, according to the Norwegian Oil and Gas Association.
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Meanwhile, bilateral U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Munuchi spoke Monday as hopes of an economic relief package grew and continued the recent turmoil of working toward a legal deal.
“There’s a sense of better (fuel) demand around the prospect of a U.S. monetary agreement, and maybe President Trump can leave the hospital and give it some incentive to finish the deal there,” Shaw said.
Data from the American Petroleum Institute and the U.S. government on Tuesday will provide a picture of whether demand is up on Wednesday.
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According to five Reuters analysts, average crude stocks have risen by 1,000,000 barrels a week. October 301 gas, while gasoline inventory fell by 1,000,000 barrels and distilled stockpiles, including diesel and heating oil, potentially to Rs. 1. million million barrels reduction.
