A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led oil production 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
NEW YORK: Oil prices rose nearly 4% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and after data showed a large decline in U.S. crude inventories.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led oil production cuts to support prices.
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