Picture used for illustrative purpose. File
Oil slumps on Thursday as the race to the White House narrows down with Joe Biden in the lead.
US West Texas Intermediate (WTI) crude futures dropped 64 cents, or 1.63%, to $38.51 a barrel at 04:40 GMT, while Brent crude futures fell 68 cents, or 1.65%, to $40.55 a barrel. Both contracts had jumped around 4% on Wednesday.
However, investors hope for a huge stimulus package might be dashed with the results looking like the Republicans will retain control of the Senate.
After Joe Biden won in Michigan and Wisconsin, he predicted victory in the election. President Donald Trump on the other hand has filed lawsuits demanding a recount.
In a note by ANZ Research, the drop in the use of highway in France, Italy and Spain since late June is likely to apply pressure on the OPEC+ alliance to delay its planned rise in output by January.
On Wednesday oil prices spurted, this has heightened expectations that OPEC+ would hold off on bringing back 2 million bpd of supply in January.
Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.
Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel.
Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 03:50 GMT while US crude decline 35 cents or 0.6% to $58.33 a barrel.
The number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started more than a year ago, signaling the labor market recovery
Shares rose to near record highs on Thursday, underpinned by a better outlook from Europe’s leading carmaker Volkswagen and increasing confidence in economic recovery in Germany and more widely.
Pakistan Business Council in Dubai, a business policy advocacy platform with 600 business members, has thanked the UAE for its support to the Pakistani business community and vowed to bolster trade between the two countries.
Masdar and Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to develop a 65-megawatt (MW) solar photovoltaic (PV) project in Greece. The project will be managed through the companies’ joint venture Masdar-Taaleri Generation (MTG).