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Oil prices plunged on Thursday, amid persistent concerns about weak global demand after a fresh wave of COVID-19 hit the US and Europe.
At the same time, the count for the US presidential election was progressing, with Democratic challenger Joe Biden pushing closer to the 270 Electoral College votes needed to carry the White House.
According to Reuters, Biden’s victory could be a downside for oil as the Democrats have a stronger focus on renewables. On the supply side, OPEC is considering a possible extension of oil output restrictions into Q1 2021.
Meanwhile, data from both API and EIA reporting a larger-than-expected draw in US oil inventories also supported prices. At around 06:30 AM GMT, WTI crude tumbled 1.9% to $38.42 a barrel, while Brent crude slumped 1.8% to $40.47 a barrel.
