Markets News

Oil Price Climbs by 2% amid US Presidential Elections

On November 4th the price of oil increased by 2 per cent because crude in the United States dropped rapidly.

Experts are saying everything is so uncertain and everybody is excited about the US presidential elections.

10 per cent prices dropped in the last weeks because of increasing covid cases and lockdowns being implemented.

But US redeemed all the looses within a couple of days because of the presidential elections.

Lachlan Shaw, head of commodity research said: the risk factor is there and the market is so uncertain which is clearly been shown and nobody knows what will happen.

U.S. crude oil shares fell rapidly last week while gasoline inventories increased.

In  Italy, Norway and Hungary tightened COVID-19 restrictions, following the UK, France and other countries.

OPEC member Algeria said that the production will be increased of OPEC in January.

Russia’s energy minister raised the prospect with the country’s oil producers.

The Organization of the Petroleum Exporting Countries (OPEC) which is lead by Russia are all ready to reduce the cuts.

experts also say that OPEC and Russia are considering bigger production reductions next year to support prices.

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