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Oil Prices Reverse Gains as U.S. Election Results Remain Unclear

Oil prices reversed gains on Wednesday, with WTI futures trading near $37.6 a barrel and the Brent crude trading around $39.7 a barrel, as traders prepare for a long period without an outcome of the US presidential election as every single ballot needs to be counted amid tight races in battleground states.

Still, Donald Trump claimed victory while addressing the media and also said that he will move the Supreme Court to stop all vote counting.

Also, fresh lockdowns announced across Europe to contain the resurgence of the coronavirus pandemic clouded demand outlook, while the resumption of Libya’s oil production put some pressure on markets.

Earlier in the session, oil rose after the API reported a huge draw in crude oil inventories and on signals that OPEC is considering a possible extension of oil output restrictions into the first quarter of 2021 in the light of surging coronavirus cases worldwide.
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