The election of Joe Biden as President with the first female, Black, and Asian American Vice President in Kamala Harris won’t have a direct impact on commodity markets this week except to switch attention away from Donald Trump and towards hopes for more rational policymaking in Washington.
Oil prices fell below $US40 a barrel on Friday as rising global coronavirus cases stoked fears about weak demand and the impact of a lengthy transition process in the US election race kept investors wary and on the edge.
Brent crude fell $US1.46, or 3.6%, to $US39.47. US West Texas Intermediate dropped $1.58, or 4.1% to $US37.21 a barrel.
France, Italy, and the US reported record coronavirus cases for Thursday and Friday, intensifying concerns that additional lockdowns in Europe could weigh on demand.Despite the slide on Friday, Brent was still up 4.6% for the week, and US WTI crude ahead by 4.3%.US coronavirus cases […]
November 9, 2020 (updated November 9, 2020) Published by StockMan