FX.co ★ Trump shattered the raw materials market: oil prices rise by more than 2%

Last Friday, news of Trump contracting the Coronavirus released. Because of this, there was a rapid decline in oil prices but that changed again today. This morning, oil prices were raised by more than 2%.

This had a particularly impressive impact on the fate of the Brent brand, which confidently passed the $40 per barrel mark.

The rise in prices can be explained by a correction after the fall in Friday's trading and also by a strict link to the health of the President of the United States, Donald Trump. On the morning of October 2, after his message about contracting COVID-19, oil fell in price by 2% then fell to 5% by noon. However, Trump being infected by the disease is not the only reason for the fall of oil prices. All this was supported by the uncertainty of the fate of the balance of supply and demand in the commodity market. This situation also caused a general withdrawal of investors from risk.

What has changed since then? American doctor Brian Garibaldi, who has up-to-date information about the health of the US President, said that Trump's health has gotten better and can be discharged from the hospital by Monday/ However, they will not be discharged. According to the White house, the President's schedule for October 5 remains empty.

In the meantime, doctors and politicians carefully select words for forecasts. The language of numbers speaks for itself. As of Monday morning, the price for Brent North sea oil blend rose to $40.08 per barrel (up 2.06%), and the price of WTI rose to $37.94 per barrel (up 2.4%).