Picture used for illustrative purpose. File
Oil fell on Wednesday as President Donald Trump declared himself victorious in the US election, although millions of votes are yet to be counted.
West Texas Intermediate dipped by 15 cents, or 0.4%, at $37.51 a barrel by 07:55 GMT, due to choppy trade for most of the Asian session. Brent crude was down by 8 cents, or 0.2%, at $39.63, after trading between $39.85 and $40.80.
As the world is dealing with second wave of coronavirus, the oil prices fell by 10% last week. However, those losses have been recovered after three days gains this week.
Jonathan Barratt, chief investment officer at Probis Group in Sydney said oil is running on a bit of thin air, sense will prevail and prices will come back to the median.
According to American Petroleum Institute (API), crude stockpiles fell by 8 million barrels to about 487 million.
As different countries in Europe put up strict restrictions to curb the second wave of the virus, oil price gains could be affected.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a grouping known as OPEC+ will be reducing the amount of barrels per day from 7.7 million (bpd) by around 2 million bpd from January.
Sources said OPEC and Russia were considering bigger production cuts next year to support prices.
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
Brent crude fell 35 cents, or 0.8%, to $43.97 a barrel by 0541 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, or 0.9%, to $41.53.
Brent crude futures for October, set to expire on Friday, rose 5 cents to $45.14 a barrel as of 0628 GMT, heading for a 1.8% weekly gain. US West Texas Intermediate (WTI) crude futures were up 1 cent to $43.05 a barrel.
Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil.
Mariam Bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, called upon UAE businesses to mainstream sustainability into all their operations
Dubai property market is witnessing a remarkable growth and developers are announcing new projects to meet the rising demand in the market.