Updated .. Oil rises 4% upon settlement after a large decline in stocks

0
24


Direct: soared Oil prices are about 4 percent when settling trading today, Wednesday, in a volatile session, with the results of the US elections and after the inventory data.

Oil prices rose by more than 2 percent in early trading, then turned down 1 percent before resuming strongly with the Continuing counting of votes in the US elections.

Preliminary results indicate that the Democratic candidate, Joe Biden, has garnered more votes in the electoral college than Donald Trump.

The US Energy Information Administration data revealed that oil inventories declined by about 8 million barrels during the past week, as well US production tumbled Of crude about 600 thousand barrels per day in the same period.

Upon settlement, the price of US NYMEX crude futures for December delivery rose 4 percent to $ 39.15 a barrel.

By 7:45 PM GMT, the price of Brent crude futures for January delivery had increased 3.7 percent to $ 41.20 a barrel.



LEAVE A REPLY

Please enter your comment!
Please enter your name here