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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.