Oil rises and compensate his losses after shock win Trump





2016-11-10 01:00:00 | (Voice of Iraq) – Reuters

Oil prices rose on Wednesday with the recovery of stocks and the dollar's sharp losses incurred early after surprise win for Donald Trump in the US presidential election.

Oil had tumbled nearly four percent to near $43 a barrel to the lowest level in about two months after the courts ruled the election Trump as President of the United States. The wave came under selling investors on the market for high-risk assets such as stocks and the dollar.

Global measurement ore rose Brent 32 cents or 0.7 percent to reach when leveling 46.36 dollars a barrel, while us crude rose 29 cents or 0.6 percent to 45.27 dollars a barrel when leveling.

While some analysts said Trump beat factors supportive of oil prices as a possible change in us policy towards Iran.

Trump also criticized the nuclear agreement concluded by the West with Iran and allowed for Tehran to increase crude oil exports this year. Iran said that Trump should adhere to the agreement.

Us President Barack Obama's Government said it remains committed to the deal with Iran until the end of the transition period.

But other analysts said that the endeavours of the Organization of petroleum exporting countries (OPEC) to boost crude prices have become much more difficult with win Trump.

The organization may face a decline in crude demand if global economic growth slowed in the wake of the victory of Trump and with the prospect of rising us oil production in light of Trump vowed to open all federal lands and waters to oil and gas exploration activities.

Oil prices fell briefly on Wednesday after the US energy information administration weekly data showed a new increase in us crude oil stocks but the market ignored the data at the end.

The energy information Administration said that American crude inventories rose 2.5 million barrels last week, analysts forecast million barrels.

Link