Oil prices leaped more than 1 percent higher on Monday, November 7, buoyed by news that U.S. Democratic presidential candidate Hillary Clinton will not face charges over her emails, Reuters reports.
Gains on prices were however limited by a rallying dollar.Brent crude LCOc1 ended 57 cents, or 1.3 percent, higher at $46.15 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $44.89 per barrel, up 82 cents, or 1.9 percent.
DXY on Clinton’s improved prospects, making greenback-denominated oil more expensive for holders of other currencies, and by doubts over OPEC’s planned production cuts.
On the eve of the election, U.S. stocks [.SPX] were set for their biggest one-day percentage gain since March 1, while a volatility measure was set for its biggest drop since late June. [.N]
But the price of oil is unlikely to rise further on U.S. politics, said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington.
WTI futures were also helped by a weekly drop of 442,077 barrels of oil at the delivery hub for crude futures in Cushing, Oklahoma, for the week ended Nov. 4, according to traders citing energy monitoring service Genscape.
The Organisation of the Petroleum Exporting Countries, OPEC’s Secretary-General Mohammed Barkindo reiterated on Monday the cartel’s commitment to a deal to cut output made in Algiers late September.
