Oil prices fluctuate: traders assess the impact of Trump's victory.
Oil prices fluctuated due to forecasts of economic growth following Donald Trump's victory in the elections. These forecasts competed with poor market data from the USA.
The price of West Texas Intermediate crude almost did not change, remaining around $72 per barrel after a previous drop of 3.1%. The price of the global benchmark Brent fell to $75 per barrel.
Trump's electoral victory led to a rise in stocks to historical highs, increased bond yields, and a strengthening dollar. However, US government data showed that stocks of oil, gasoline, and distillates in the country rose last week.
Hurricane Rafael is approaching the Gulf of Mexico, threatening the operations of US offshore oil and gas platforms. In connection with this, Chevron Corp. halted production on platforms, and Shell Plc evacuated part of the personnel from the area.
However, the price of oil has decreased by more than 10% since the beginning of June due to poor demand in China, which is the world's largest oil importer, and increased supplies from America.
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