U.S. Election Uncertainty Causes Oil To Dip – 4 November, 2020

As democratic U.S. presidential candidate Joe Biden moves closer to a White House victory, oil dipped over 1%. Brent crude futures fell 1.65% or 68 cents to $40.55 per barrel, while U.S. West Texas Intermediate crude futures fell 1.63% or 64 cents to $38.51 per barrel. Oil prices were up earlier in the week on expectations that OPEC+ would reverse their decision to bring back 2 million barrels per day in January to help offset a drop in demand as countries reinforce COVID-19 lockdowns.