After Mr. Biden’s victory, Brent oil price increased sharply


Oil prices rebounded after falling 4 percent on Nov. 6, matching an uptrend alongside other financial markets after Mr. Biden won the US presidential election on November 8.

Illustration. Source: newindianexpress.com

Oil prices rose more than 2% in Asian markets in the first session of the week 9/11, during which Brent oil prices rose above the 40 USD / barrel after Democratic candidate Joe Biden won the presidential election. America, “overwhelms” concerns about the impact of the COVID-19 epidemic on energy demand.

On the Singapore electronic trading floor, at 8:00 am (Vietnam time), the price of Brent North Sea oil delivered in January 2021 increased by 82 US cents (2.1%) to 40.27 USD / barrel, and the price US light sweet crude oil (WTI) delivered in December 2020 was traded at 37.98 USD / barrel, up 84 US cents (2.3%).

Oil prices have rebounded after falling 4% on November 6, matching the uptrend with other financial markets after Mr. Biden won the US presidential election on November 8.

Michael McCarthy, market strategist at CMC Markets in Sydney, said investors’ attention could shift from the US presidential election to the recent COVID-19 crisis.

According to Reuters data on November 8, the US became the first country in the world to record more than 10 million cases of COVID-19 since the outbreak of the pandemic.

In addition, US oil production is expected to increase in the context of manufacturers pushing to exploit unfinished wells (DUC) to increase production.

According to Baker Hughes, the number of oil and gas rigs operating in the US rose the eighth week last week.

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