Oil rises after Trump falsely claims victory in tight U.S. election
Oil rises after Trump falsely claims victory in tight U.S. election
Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.
A contested result and prolonged uncertainty are seen as the most bearish outcome for oil and markets in general, while a win for Joe Biden would be seen as bearish to neutral because of his support for green policies and softer stance on Iran.
West Texas Intermediate CLc1was up $0.94 cents, or 2.44%, at $38.60 a barrel by 1156 GMT. Brent crude LCOc1 was up by 1.02 cents, or 2.50%, at $40.73.
