Oil Takes A Fall, U.S. Election Underway – 5 November, 2020

New European lockdown and a drawn out presidential election cause U.S. oil to dip more than 2% as the future of demand is debated. West Texas Intermediate fell 2.7% or $1.06 to $37.73 per barrel having fallen 0.9% the previous session. Brent crude dipped 2.6% or $1.05 to $39.88 after falling 0.7% the previous session. The spread of the second wave of the virus has caused numerous cities across Europe to implement a lockdown, cutting economic forecasts for rebounding. Though the U.S. presidential election is still underway, a slight democratic lead in the House of  Representatives is diminishing hope for a large stimulus package. OPEC+ countries are also expected to delay the return of 2 million barrels per day starting in January given the decline of demand.