Oil prices today .. The barrel is flying in the sky...

Oil prices today .. The barrel is flying in the sky...
Oil prices today .. The barrel is flying in the sky...
Oil prices rose more than 3% in mid-trading Tuesday, supported by a shortage of supply in Norway, a hurricane in the Gulf of Mexico and the return of US President Donald to the White House after leaving the hospital.

By 13:54 GMT, Brent crude futures were up $ 1.26, equivalent to 3.1%, at $ 42.55 a barrel.

While US West Texas Intermediate crude futures rose $ 1.29, or 3.3%, to $ 40.51.

Trump victory

In the first hours of Tuesday, US President Donald Trump returned to the White House after a 4-day treatment trip for the new Corona virus (Covid 19) at Walter Red Military Hospital.

Trump appeared without a muzzle on the balcony of the White House, after he was discharged from the hospital, raising his fist, in reference to his victory over the virus.

Prices fell sharply last Friday, when Trump entered the hospital, and then jumped by more than 5% on Monday after he said that he would return to the White House and with growing hopes that a US economic stimulus package could be agreed to counter the impact of the Corona virus pandemic.

In short supply

Also helped support prices were the extended strike of workers in Norway, which closed 6 offshore oil and gas fields, and the evacuation of oil platforms in the US Gulf of Mexico before the tropical storm Delta, which turned into a hurricane, heading towards Louisiana and Florida.

The Norwegian Oil and Gas Industry Association says that a strike by sector workers in the country will reduce the total production capacity by just over 330 thousand barrels of oil conditioners per day, or about 8% of the total production.

Reuters calculations show that 60% of the total cut will be in natural gas, with the remainder in crude oil and natural gas liquids.

“Besides Norway, there may also be production disruptions in the Gulf of Mexico this week, as a new hurricane is forming,” Commerzbank said.

Energy companies are abandoning offshore oil platforms as Hurricane Delta boosts to Category 2 and could become a severe hurricane when it reaches the Gulf of Mexico on Tuesday.

Meanwhile, hopes have increased for a bipartisan agreement in the United States on an economic relief package, as House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin spoke on Monday.

The two officials expressed their willingness to speak again today, Tuesday, in a continuation of their efforts to reach agreement on legislation regarding the package.

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