Oil rises after Trump claims victory.
Oil rose today after Donald Trump claimed victory in U.S. election with millions of votes still to be counted and the final result not yet clear.
The markets reacted with higher oil prices to his words prices because Trump’s victory is viewed by markets as bullish for oil because of his sanctions on Iran and his support for OPEC oil cuts to support the prices. Joe Biden’s victory, in contrast, is seen as bearish for oil because of his support for green policies and softer stance on Iran. Oil prices are also supported by the possibility that OPEC producers can consider postposing a planned increase in OPEC+ oil output from January as a second coronavirus wave hurt the recovery in fuel demand globally.
Expect buyers on downward corrections
Next resistance to watch – 41.7
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