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Donald Trump has announced his victory over his Democratic opponent, Joe Biden, although millions of votes have not been counted, and he is not expected to announce the final results for several days.
The price of U.S. West Texas Intermediate crude fell 15 cents, or 0.4%, to $ 37.51 a barrel around 8 a.m. GMT, after the price had fluctuated higher for the major part of the session in Asia.
Brent fell eight cents, or 0.2%, to $ 39.63, after trading between $ 39.85 and $ 40.80.
Oil prices fell more than 10% last week as coronavirus infections rose and more restrictions were placed on movement, hurting the demand outlook.
Oil prices almost made up for those losses in 3-day gains this week ahead of the election.
And price support from earlier data from the American Petroleum Institute, which showed inventories sharply lower last week, while gasoline inventories rose.
And U.S. crude inventories fell 8 million barrels last week, to about 487 million barrels, according to the institute.
Prices were also bolstered by the announcement by OPEC member Algeria of its support for postponing a planned increase in OPEC + oil production in January, after Russia’s minister of the Energy had hinted that this could be done when it met with the country’s oil companies.
It is decided that OPEC and its Russian-led allies, as part of the “OPEC +” group, will reduce the volume of cuts from 7.7 million barrels per day to about two million barrels per day from January.
Sources said OPEC and Russia plan to deepen oil cuts next year to support prices.
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