Crude oil rebounds ahead of US polls

Crude oil rebounds ahead of US polls

07/11/2016 12:40

Crude oil futures were trading higher during the noon trade in the domestic market on Monday as investors and speculators widened their positions in the energy commodity amid caution ahead of the outcome of the US presidential elections this week.

The US voters on November 8 will cast their votes to decide between Hillary Clinton and Donald Trump as their next president. Hopes emerged after the FBI maintained the opinion that Hillary Clinton’s handling of her e-mails wasn’t a crime, raising hopes of the Democrat emerging victorious in the race for the White House.

According to Gordon Kwan, head of oil and gas research at Nomura, “Clinton victory on Tuesday could help risk assets such as oil rebound sharply”.

At the MCX, crude oil futures for November 2016 contract is trading at Rs 2994 per barrel, up by 1.84 per cent, after opening at Rs 2952, against a previous close of Rs 2940. It touched the intra-day high of Rs 3,000 (at 12:40 hours).

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