Oil prices rebound amid President Trump’s health condition

In the early hours of Friday, Oct. 2, U.S President Donald Trump and his wife Melania tested positive for the novel coronavirus.

Following the president’s coronavirus diagnosis, investors have closely watched the market for the possible impact Trump’s health condition could have on the markets. In Monday trade, oil prices rebounded more than 2% after seeing a drop in Friday’s trade—oil prices dropped more than 3%. Also, international benchmark Brent crude futures rose 1.63% to $39.91 per barrel.

While the general oil market plunged on Friday, some regions still performed better than others. Australia’s Beach Energy soared 5.65% and Santos rose 4.34%. Whereas, Hong Kong’s PetroChina fell 1.76% and CNOOC dropped 0.54%.

The outcome of President Trump’s health condition could make an impact on the markets, just like the upcoming presidential election which has recently sent the markets into several uncertainties. As a result, investors continue to watch every development surrounding the president’s health. President Trump’s doctors have also assured the public that he will be fine after they announced on Sunday that the president was being treated with dexamethasone, a steroid used to treat severe COVID patients.

“The treatments they’ve chosen to give him, from the monoclonal antibody, the remdesivir, and dexamethasone today suggest that he’s having some symptomatic and inflammatory changes that are concerning,” said Dr. Maria Torroella Carney, chief of geriatric and palliative medicine at Northwell Health in New Hyde Park.

However, the president’s physician, Dr. Sean Conley said Sunday that the president’s condition had improved and he could be probably discharged as soon as Monday.

The supplemental oxygen given to the president also helped to stabilize his blood oxygen levels, according to his medical team.

Dr. Aruna Subramanian, an infectious disease physician at Stanford Health Care said the president’s COVID treatment greatly differs from other “usual patients” because he is receiving “specialized treatment”, he reiterated “very aggressive treatment.”

Global Markets

Australia’s major market saw a rise in gains with the S&P/ASX 200 up 2.59% to nearly 5,941.60. This increase happened as a result of surge in the country’s major banks. Westpac gained 4.35, Australia and New Zealand Banking Group rose 4.22%, %, National Australia Bank gained 4%, and Commonwealth Bank of Australia soared 3.56%.

Japan’s Nikkei 225 gained 1.23% to finish at 23,312.14. Topix index rose 1.74% to close at 1,637.25. While Kospi of South Korea gained 1.29% to close at 2,358.

Hang Send index of Hong Kong gained 1.33% in its final hours of trading, while HSBC soared 4.7%.