Stressed by Joe Biden’s emergence as the President of the US in the election counting, oil went down in the early trades on Thursday. Interestingly, Biden’s has vowed to shut down oil inventories if voted to power. Feared by his strong and controversial vote base, hiking at an unprecedented speed on the election day, investors pulled out their investments in a hurry.
Brent oil lost around 1.33 per cent and stood to $40.68 at 3:43 AM GMT, while WTI futures demonstrated the WTI futures slipped to $38.63 by 1.33 per cent.
As the elections are drawing to a close, it appears highly likely that Democrat candidate Joe Biden will hold the reign in his hands for the US.
Notably, Democrats are focusing on renewable resources of energy opposing oil productions. Once voted to power, they will move their agenda to negate oil production completely.
Interestingly, oil prices jumped by 4 per cent when President Trump announced that he had won the elections yesterday. It was the testimony of the presidency and information that pushed the market suddenly. However, the difference of the margins is razor slim between Trump and Biden.