Oil Rises More Than 1% After Upbeat Signals From Trump Doctors

Oil cold yet receive a jolt from an expanding strike by Norwegian workers on Monday that could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of the country’s total output, according to the Norwegian Oil and Gas Association.

Signs of Trump’s health improving offset indications of rising oil supply in the market.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), has seen a near three-fold rise in its output which hit 270,000 barrels per day last week after eastern forces eased a blockade on the country’s oil infrastructure.

Meanwhile recent price increases have prompted some U.S. producers to resume drilling. U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018, data from Baker Hughes showed on Friday.