New Delhi: 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.4Brent’s three-month time spread was at $1.41 a barrel contango, compared with $1.17 a week earlier. The change in the market structure indicates that concerns about over-supply are rising. At the briefing on Trump’s health, his physician said he gave a misleading statement about the president receiving oxygen, the latest in a series of contradictory and confusing accounts about his illness.
Meanwhile, U.S. House Speaker Nancy Pelosi was optimistic on Friday that bipartisan stimulus deal could be done, and said Trump’s diagnosis “changes the dynamic. “Libya’s oil output has climbed to 295,000 barrels, with fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina ramping up production.
Saudi Arabia pumped 8.974 million barrels a day in September compared with 8.988 million barrels a day in August, according to an industry official familiar with the kingdom’s production levels.
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