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UPDATE 4-Oil prices gain on supply disruptions, Trump's hospital exit

Tue, 6th Oct 2020 05:47

* Norway strikes buoy markets

* Trump's return soothes market nerves

* Major hurricane brews in Gulf of Mexico
(Updates prices)

By Ahmad Ghaddar

LONDON, Oct 6 (Reuters) - Oil prices gained on Tuesday amid
supply disruptions in Norway, a new hurricane in the Gulf of
Mexico, and U.S. President Donald Trump's return to the White
House from hospital.

Brent crude futures were up $1.02, or 2.5%, by 1220
GMT at $42.31 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were
trading $1.02 higher, or 2.6%, at $40.24 a barrel.

An oil workers' strike in Norway will cut the country's
total output capacity by just over 330,000 barrels of oil
equivalent per day, or about 8% of total production, according
to the Norwegian Oil and Gas Association.

Around 60% of the total cuts were in natural gas, with crude
oil and natural gas liquids making up the rest, according to
Reuters calculations.

"Besides Norway, there could also be production outages in
the Gulf of Mexico this week, where another hurricane has
developed," Commerzbank said.

Energy companies were evacuating offshore oil platforms as
Hurricane Delta strengthened to category 2 and could become a
major hurricane when it reaches the Gulf of Mexico on Thursday.

Chevron has begun evacuating all personnel from its
platforms in the region and is shutting-in the facilities, the
company said.

A rally in world stock markets after Trump's return to the
White House from hospital and expectations of a new U.S.
stimulus package being agreed also boosted oil.

Oil prices had fallen sharply when Trump went to hospital on
Friday, as it created uncertainty for investors over what would
happen in the United States as the country gears up for a
presidential election on Nov. 3.

Hopes for a bipartisan U.S. economic relief package grew as
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin
spoke on Monday and prepared to talk again on Tuesday, in a
concerted effort to reach a compromise on legislation.

(Additional reporting by Sonali Paul in Melbourne and Seng Li
Peng in Singapore; editing by Susan Fenton and Jason Neely)

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