Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.
Read alsoLithuania calls for halt to Nord Stream 2 projectTrump's health update eased political uncertainty in global markets, pushing Brent up to $40.11 a barrel by 0503 GMT, gaining 84 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude was at $37.96 a barrel, up 91 cents, or 2.5%, as reported by Reuters.
Prices had slumped more than 4% on Friday amid uncertainty surrounding Trump's health, adding to concern that rising coronavirus case numbers that could dampen global economic recovery.
But analysts said Monday's rebound was driven by an easing of the worst fears about Trump's health condition, albeit clouded by some mixed signals.