*Oil Prices Rebound 2% on Trump’s health, Norway Strike Escalation*
News surrounding Trump’s heath dominated headlines this weekend as there were conflicting reports arising from the US regarding the truth on the state of the President’s recovery from Covid-19. The general sentiment is that his condition is improving and as a result oil was given a boost on Monday morning, with a 2.22% gain at 10.12BST. This boost is also supported by the disruption in supply from Norwegian oil fields, where is it expected that 8% of total petroleum supply may be disrupted from the region as a result of the ongoing strikes over pay. (Reuters)
*Glasgow-Based Weir Group Exits Oil and Gas in £314m Deal*
Weir’s move out of the oil and gas sector is another clear sign to the sector that there is certainly a shift occurring from non-renewables to greener forms of energy, with the deal in this particular case allowing one of the largest copper miners globally to exit the industry after it made losses in the first half of the year and focus primarily on the core business of metal mining, where the Chief Executive Officer said that it could produce products more sustainably and efficiently. (BBC News)
*Tropical Storm System Threatens US Gulf*
A tropical storm system is on track to enter the Gulf Coast region and could become a hurricane as it moves which could threaten the oil platforms and refining capacity in the region. The path is hard to predict at current, as it makes its way from the South of Jamaica, but it could bring high winds and storm surges. (Argus Media)
*Libyan Oil Production Rises to 290,000 bpd*
Libyan oil production is up from 270,000 bpd last week to reach 290,000 bpd on Monday, as the oil blockade has been lifted in certain ports in the region, with blockades still in place at Ras Lanuf and Es Sider oil terminals. The NOC said that it will only resume exports at ports where all militant presence has vacated. (Reuters)