Home NewsEnergy | Petroleum Oil prices soar after president returns to White House

Oil prices soar after president returns to White House

by Bunkerist
0 comment

Oil prices, which rose more than 5% after the President of the United States dropped when he was being treated for COVID-19 and it was said that he would return to the White House on Monday, continued to rise on Tuesday after the President returned from the hospital to the White House.

The new tropical storm Delta in the US Gulf of Mexico posed a threat to refineries. The widening strike of workers in Norway to cover the offshore oil and gas field, and the evacuation of oil platforms in the Gulf of Mexico before the Tropical Storm Delta’s advance towards Louisiana and Florida also helped boost prices.

West Texas Intermediate (WTI) crude CLc1 futures were trading up 24 cents, or 0.6% at $39.46 a barrel at 0435 GMT.

Brent crude LCOc1 futures rose 21 cents, or 0.5%, to $41.50 a barrel.

Supply-side factors that have changed in the last 24 hours and contributed to the rise were effective.

According to the data, the Norwegian strike may reduce the country’s total production capacity by 330,000 barrels of oil per day, or about 8% of total production.

Meanwhile, hopes for the US economic aid package have risen and study continues.

Official data from the American Petroleum Institute on Tuesday and the US government on Wednesday can give a clearer idea of whether demand is rising.

Analysts estimate that, on average, crude oil stocks increased by 400,000 barrels per week by October 2, gasoline stocks likely fell by 900,000 barrels, and distillate stocks, including diesel and heating fuel, likely fell 1.4 million barrels.

Leave a Comment