Tag(s):
oil ,
crude ,
US ,
presidential ,
elections ,
2020 ,
New York ,
LCOc1 ,
CLc1 ,
Covid19 ,
Lockdown ,
Market ,
Petroleum ,
OPEC ,
Libya ,
Reuters
Nov 02, 2020
NEW YORK (Reuters) - Oil prices gained nearly 3% on Monday, rebounding from several day of losses built on concerns of rising coronavirus cases, one day before the end of U.S. presidential election voting.
The oil market has been under pressure, due to concerns about weaker fuel demand as several European countries restarted lockdowns to curb the coronavirus. Infections recently hit a daily record in the United States as well, and major oil trading merchants believe it could stall out the recovery in demand.
Brent crude LCOc1 gained $1.03, or 2.7%, to settle at $38.97 a barrel. U.S. West Texas Intermediate CLc1 ended $1.02, or 2.9%, higher at $36.81 a barrel.
Both contracts fell more than $2 earlier in the session, but rebounded strong factory data in Asia and the United States. U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years.
U.S. stock indexes, which energy futures at times track with, rose on Monday. Analysts said the election outcome most likely to shake equity markets in the near-term would be if there is no clear winner on Tuesday night, as several states remain where votes will need to be counted. Read more