• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 10 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 4 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 3 days NordStream2
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT

Breaking News:

California Gasoline Prices Are Spiking

Iraq: Oil Could Hit $100 Next Year

Iraq: Oil Could Hit $100 Next Year

Oil prices could hit $100…

Brent Oil Hits $86 On Dwindling U.S. Inventories

Brent Oil Hits $86 On Dwindling U.S. Inventories

Brent Crude prices hit $86.10…

Putin: $100 Oil Is “Quite Possible”

Putin: $100 Oil Is “Quite Possible”

Asked by CNBC’s Hadley Gamble…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Rise On Election Day

Oil prices jumped early on Tuesday, with Brent back above the $40 a barrel mark, supported by a rally in financial markets and a weaker U.S. dollar on Election Day.

As of 9:45 a.m. EST on Tuesday, WTI Crude was up 3.53 percent at $38.13 and Brent Crude was rallying 3.08 percent to $40.17, returning to above $40 for the first time in a week.

On Monday, oil prices dropped in early trading as more European countries announced lockdowns, but oil closed higher after the U.S. financial markets rebounded later on Monday.

On Tuesday, oil prices rallied early on U.S. Election Day as equity markets around the world and in the U.S. also rose, with traders bracing for the outcome of the election.

Commenting on the move in oil prices early on Tuesday, Tamas Varga with oil brokerage PVM told Reuters:

“The jump has borne all the hallmarks of a massive, logical and even inevitable short-covering prior to the U.S. presidential elections.”

According to the analyst, Tuesday’s oil rally is exclusively due to the U.S. election, not a recovery from the slump in oil prices last week.

The bearish factors for oil are still very much present, with Italy also tightening measures to curb the second coronavirus wave, but stopping short of a nationwide lockdown, for now. The UK, Austria, and Belgium joined this weekend France and Germany in announcing second lockdowns amid surging coronavirus cases. The market fears that the return of the lockdowns will further delay the economic and oil demand recovery.

In addition, Libyan crude oil production is estimated to have jumped to 800,000 barrels per day (bpd), rising by 100,000 bpd over the past few days, and putting pressure on oil prices from the supply side.

One bullish factor which continued to support the market on Tuesday is that Russia is reportedly considering the idea that OPEC+ delay the easing of the production cuts. The top executives of Russia’s oil companies discussed on Monday the future of the OPEC+ deal with Russian Energy Minister Alexander Novak, including an option to extend the cuts as-is for three months until March 2021, instead of easing the cuts from January as planned, sources with knowledge of the matter told Russian news agency Interfax. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News