Oil jumps over 5% on Donald Trump health update, Norway shutdowns

Oil prices climbed more than 5% on Monday after US President Donald Trump said he will leave the hospital where he is being treated for Covid-19, while six Norwegian offshore oil and gas fields were shut as more workers joined a strike.

Brent rose $2.02, or 5.1%, to settle at $41.29 a barrel. US West Texas Intermediate (WTI) crude rose $2.17, or 5.9%, to settle at $39.22 a barrel.

“A lot of people thought last week’s sell-off was overdone,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

“There were a lot of assumptions.” On Friday, prices slumped more than 4% following the news that Trump had tested positive for the coronavirus. On Monday, Trump said he will leave the military hospital where he was being treated later in the day, adding that he felt “really good.”