Oil rises after Trump falsely claims victory in tight U.S. election | Reuters
Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices. A victory by his rival Joe Biden would be seen as bearish because of his green policies and softer stance on Iran.
West Texas Intermediate was up $1.03 cents, or 2.66%, at $38.69 a barrel by 0955 GMT.
Brent crude was up by 1.09 cents, or 2.67%, at $40.80.
Trump falsely claimed to have won after his Democratic challenger Biden said he was confident of winning a contest that will not be resolved until a handful of states finish vote counts in the next hours or days.
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