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On Monday, the prices of oil increased slightly by one percent following the announcement of Federal Bureau of Investigation that U.S. Democratic presidential candidate Hillary Clinton did not commit any crime in handling e-mails.
A mobilizing dollar capped the gains as Clinton’s odds of victory are becoming higher, making dollar-dominated oil go higher in price for other currency holders, and uncertainties on Organization of the Petroleum Exporting Countries’ plan of supply reduction.
U.S. West Texas Intermediate (WTI) crude oil CLc1 increased to $44.89 per barrel, which is a climb by 1.9 percent or 82 cents. On the other hand, Brent crude LCOc1 climbed at $46.15 per barrel, which is 1.3 percent higher or equivalent to increment of 57 cents.
On Sunday, FBI stated that Clinton will not be pressed with charges over the use of unauthorized e-mail server. This is pessimism for Trump, who has unnerved markets with his stance on trade, immigration, and other foreign policies.
On the election’s eve, U.S. stocks were towards its highest performance in a day since March 1, whereas measure of market volatility is set to its biggest plunge since late June.
David Thompson, Powerhouse Vice President, stated that oil prices are unlikely to climb further on the results of U.S. election.
Traders quoting Genscape energy monitoring service stated that on November 4, the weekly drop of 442,077 barrels of oil helped WTI futures at the crude futures’ delivery hub in Cushing, Oklahoma.
It was forecasted by Reuters that total inventories of U.S. crude increased to 1.1 million last week following its upturn the previous week.
On Monday, Mohammed Barkindo, OPEC Secretary-General, stated that the organization implemented Algiers’ oil supply reduction in later September. However, analysts question the ability of the cartel to coordinate further oil cuts for market stabilization.
David Hufton, PVM Oil Associates Managing Director, stated in a note that the possibility of OPEC sealing an oil supply cut with its member states has already flopped.