Oil drops after Trump claims victory
Reuters | Washington
The Daily Tribune – www.newsofbahrain.com
Oil turned lower on Wednesday after President Donald Trump claimed victory in a tight US election, despite millions of votes still to be counted and a final result not expected for days.
West Texas Intermediate CLc1 was down 15 cents, or 0.4%, at $37.51 a barrel by 0755 GMT, after choppy trade in positive territory for most of the Asian session. Brent crude LCOc1 was off by 8 cents, or 0.2%, at $39.63, after trading between $39.85 and $40.80.
Trump falsely claimed to have won after his Democratic challenger, Joe Biden, said he was confident of winning a contest that will not be resolved until a handful of states finish vote counts in the next hours or days.
Equity markets swung around, while bonds were trading higher as vote counting progressed and showed the election was closer than polls had forecast, with the outcome possibly still in doubt for days
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