Oil markets recovered from their lowest levels of the selloff. U.S. West Texas Intermediate (WTI) crude futures settled down US$1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session. Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel. "We have the potential for serious political uncertainty in the U.S. if election dates are challenged," said John Kilduff, partner at Again Capital in New York.
NEW YORK: Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
Investors sold riskier assets following Trump's tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump's remarks were viewed as an attack on the integrity of the coming election, worrying investors.
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