By Yasin Ebrahim
Investing.com – Crude oil prices settled higher Monday, as President Donald Trump confirmed he would be discharged from the hospital, while fears of supply disruptions also boosted sentiment.
On the New York Mercantile Exchange crude futures for February delivery rose 5.9% to settle at $39.22 a barrel, while on London's Intercontinental Exchange (NYSE:ICE), Brent rose 5.9% to trade at $41.57 a barrel.
President Donald Trump said that he will be leaving Walter Reed National Military Medical Center at 6:30 p.m. ET on Monday.
Expectations for supply disruptions pushed oil prices higher following a strike in the oil and gas industry in Norway.
A strike is looming in the Norwegian oil and gas industry as estimates say as much as 330,000 barrels of oil equivalent lost per day, i.e. 8% of Norway’s oil and gas production, Commerzbank (DE:CBKG) said in a note, citing an estimate from the Norwegian Oil and Gas Association.
The bank said that while the hit to global production would not result in any serious tightening of supply on the market, it comes at a time of heightened concerns about demand and fears of renewed oversupply.
Expectations for supply disruption were strengthened as energy companies began winding down operations in advance of Tropical Storm Delta, which is forecast to move into the Gulf of Mexico, home to 17% of U.S. crude production.
The potential supply for supply disruptions was weighed against further signs that some OPEC members, part of the production-cut accord, continue to ramp up production.
OPEC-member Libya output has risen by about 20,000 barrels per day (bpd) from last week to reach 290,000 bpd, Reuters reported on Monday, citing a Libyan oil source.