Oil prices skyrocketed on Monday morning as U.S. President Donald Trump’s health appears to have improved after testing positive for the coronavirus on Thursday evening.

At 11:06 a.m. EDT, the price of the WTI benchmark had risen by 6.15% to $39.33. While the gains are substantial for the day, they are still under the $40 per barrel mark, and still under where prices were just a week ago, as both major benchmarks stumbled on Friday as reports came in that President Trump had tested positive.

But by Monday, White House Chief of Staff Mark Meadows suggested that the President was improving, and was ready to return to work as usual. Meadows also indicated that President Trump could return to the White House later today. The U.S. President also took a few moments out of his hospital sequestration on Sunday to appear in a motorcade to wave to his supporters.

While Trump took criticism for his brash move on Sunday, his appearance instilled confidence in the markets.

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Source: Oil Price