Oil rises after Trump falsely claims victory in tight U.S. election – By Noah Browning (Reuters) / Nov 3 2020
LONDON (Reuters) – 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.
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant
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 is 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.
Continue to article: https://www.reuters.com/article/us-global-oil/oil-rises-after-trump-falsely-claims-victory-in-tight-u-s-election-idUSKBN27K004?il=0
