Oil Prices Are Not Only Positive Because Of Trump, But Also Because Of This!

 Crude oil continued to trade up after jumping more than 5% in a previous trading session backed by reports that US President Donald Trump had returned to the White House after undergoing a 3-day Covid-19 treatment in hospital.

The Brent crude futures benchmark rose to $ 41.45 a barrel, while the US WTI traded positively at $ 39.37 a barrel.

In addition, black commodity trading was also supported by the growing hope that an agreement could be reached in fiscal stimulus package negotiations to support the economy.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to work to bridge the gap between the two parties to reach an agreement. The next round of negotiations is reported to be resumed today.

Meanwhile, growing unrest due to strikes by workers in Norway that closed six oil and gas facilities as well as the threat of Delta tropical storms also supported crude oil prices.

The strike in Norway is expected to result in a reduction in the country's total production capacity of more than 330,000 barrels per day, or 8% of total production, according to the Norwegian Oil and Gas Association.