SINGAPORE — Oil prices saw a strong rebound in Monday trade following a Friday drop as investors continue to watch for developments on U.S. President Donald Trump’s health after he tested positive for the coronavirus last week.
In the afternoon of Asian trading hours, international benchmark Brent crude futures were up 2.19% to $40.13 per barrel. U.S. crude futures also advanced 2.59% to $38.01 per barrel. Last week, after Trump announced his positive test, oil prices had slumped as much as more than 3%.
Shares of oil companies regionally were mixed. In Australia, Beach Energy rose 5.6% while Santos gained 4.39%. Japan’s Inpex jumped 3.57%. Over in Hong Kong, however, shares of PetroChina slipped 1.32% and CNOOC dipped 0.54%.
Investors likely continued to monitor developments surrounding Trump’s health, with questions surfacing after his doctors announced Sunday that they had begun treating him with dexamethasone, a steroid recommended for severe cases of Covid-19. Still, the U.S. president’s physician, Dr. Sean Conley, said Sunday that his condition has improved and may be discharged as soon as Monday.
The U.S. president was transferred to the Walter Reed National Military Medical Center on Friday after he was given antiviral drug remdesivir.
Asia-Pacific stocks rise
SMIC shares drop
Hong Kong-listed shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest chipmaker, fell more than 5% after the firm announced Sunday it has undertaken “preliminary exchanges” with the U.S. Bureau of Industry and Security on export restrictions.
“The Company is conducting assessments on the relevant impact of such export restrictions on the Company’s production and operation activities. As the supply period of certain equipment, accessories and raw materials exported from the U.S. will be extended or are subject to uncertainties, it may have potential material adverse effects on the Company’s future production and operations,” SMIC said in a filing to the Hong Kong exchange.
In September, shares of SMIC plunged after the U.S. government announced it was considering putting export restrictions on the company. Sanctions on the chipmaker hit at the heart of China’s tech ambitions at a time when tensions are rising between Beijing and Washington.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.739 after its decline last week from levels above 94.4.
The Japanese yen traded at 105.54 per dollar after strengthening sharply late last week to levels around 105 against the greenback. The Australian dollar changed hands at $0.7182 after its rise last week from levels below $0.707.
Source: CNBC