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Oil began to rise in price on the news from the USA and Russia

Prices for “black gold” in the course of one day returned to the “green” zone with the opening of trading in the United States.

Global benchmark oil prices rose significantly on investor optimism about the US elections. This is evidenced by the trading data on Monday evening, November 2.

Thus, January futures for Brent on the London ICE Futures exchange rose in price by $1.40 (3.69%) — to $39.34 per barrel.

The cost of a WTI futures contract for December at the electronic session on the New York Mercantile Exchange (NYMEX) rose by $1.33 (3.72%) — to $37.12 per barrel.

The spread between the current contracts for Brent and WTI is $2.22 in favor of Brent.

At the same time, in the morning oil quotes fell within 4%, and the price of Brent crude fell below $36 per barrel for the first time since spring. However, oil prices returned to the green zone with the opening of trading in the US.

According to Prime, the focus of investors is the US presidential election, which will be held tomorrow, November 3. The contenders are Republican candidate and incumbent White House chief Donald Trump and Democratic candidate Joe Biden. According to national polls, Biden is now the leader in American sympathy.

In addition, the optimism on the oil market was added by media reports that Russian Energy Minister Alexander Novak will discuss with the heads of Russian oil companies a delay in easing the terms of the OPEC + oil production cut agreement until the end of the first quarter.

We will remind, last week, global oil prices declined amid fears of investors related to the spread of coronavirus in the United States and Europe, and the rapid resumption of production in Libya.

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