Oil down on knife-edge US vote
[SINGAPORE] Oil prices were down in Asian trade on Wednesday as early US presidential election results indicate a knife-edge outcome, with market favourite Hillary Clinton struggling in key battleground states.
Analysts warned it is still too early to predict a winner, despite a strong showing by Donald Trump, with several states still too close to call including all-important Florida and Pennsylvania.
At around 0230 GMT, US benchmark West Texas Intermediate for delivery in December was down US$1.67 to US$43.31 and Brent crude for January tumbled US$1.46 to US$44.58.
Jeffrey Halley, a senior market analyst at OANDA, said the election results were set to drive trade all day, as the world waited anxiously for results.
"Trading is expected to be very choppy throughout the day because markets seem to be moving back and forth according to the ebbs and flows of the voting results that are coming in," Mr Halley told AFP.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?
Oil futures fall as fears of a wider Middle East war fade
Malaysia’s Sapura Energy to sell stake in SapuraOMV to TotalEnergies for US$705 million
Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical