Market uncertainty may lead to heightened volatility over the next few hours as traders react to headlines and early clues of a possible Donald Trump or Joe Biden victory. “The oil market seems to be on tenterhooks for this election’s results more than any other in the recent past," said Vandana Hari, founder of Vanda Insights in Singapore. During his presidency, Trump took a hard-line stance against major oil producers Iran and Venezuela by means of crippling sanctions, tightening global oil supplies. A Biden win would likely accelerate the transition away from fossil fuels in the U.S., which could boost long-term demand for metals like nickel and copper. “From that standpoint, it would take some time for the oil market to reflect on what those new policies would be and their impact."

Source: Mint November 04, 2020 02:37 UTC