Oil Mixed as Election Jitters Continue

Oil prices were mixed on Monday, supported by easing concerns over the economy after news that U.S. presidential candidate Hillary Clinton will not face charges over her emails, but prices were pressured by a rallying dollar and doubts over OPEC’s planned production cuts.

U.S. crude futures were also supported by a weekly drop of 442,077 barrels of oil at the U.S. delivery hub in Cushing, Oklahoma, according to data to the week ending Nov. 4 from energy monitoring service Genscape, cited by traders.

U.S. West Texas Intermediate (WTI) crude CLc1 traded at $44.21 per barrel at 10:56 a.m. (1556 GMT), up 14 cents, or 0.3 percent.



Brent crude LCOc1 was down 20 cents, or 0.09 percent, at $45.49 a barrel.

“There’s a little bit less of a concern about the economy falling apart,” said Phil Flynn, analyst at Price Futures Group in Chicago.

The Federal Bureau of Investigation said it would not press charges against Clinton over her using a private email server. That indicated worse prospects for Republican candidate Donald Trump, whose stance on foreign policy, trade and immigration have unnerved the market.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza