Oil advanced from a three-week low as investors weighed the possibility U.S. President Donald Trump may soon leave hospital, despite contradictory accounts about his coronavirus infection.
Futures rose 1.6% in New York after capping the biggest weekly drop since June. A Sunday briefing by doctors left doubt about Trump’s condition, but they insisted the president is doing well and could be discharged as soon as Monday. Meanwhile, Libyan oil output has increased to almost 300,000 barrels a day, adding more supply to a market struggling with virus-driven demand loss.
Oil is back below $40 a barrel with a resurgence of the outbreak in some major economies raising concerns about a sustained recovery in consumption. OPEC+ members are also slowly boosting output after historic cuts to prop up prices, while in the U.S., drillers are returning more rigs to fields.
