Oil prices rose Wednesday as the results of the U.S. presidential election remained uncertain. Oil prices, which had risen as much as 2 percent in the evening on Election Day, slumped after President Trump said that he had won, even though several battleground states have not yet reported results. With no clear outcome in the United States, traders reacted to other news, including industry data published Tuesday showing a sharp fall in stockpiles of crude oil in the United States. This drop may indicate that economic recovery from the pandemic in the country, the world’s largest oil consumer, may be stronger than expected. Concerns had been growing that new lockdowns in countries like Britain, France and Germany might curb oil consumption.

Source: International New York Times November 04, 2020 10:24 UTC