Crude Oil dips as Trump secures win in presidential election
Crude Oil drops over 2.5% on the back of the US presidential election outcome.
Tropical storm Rafael fades into the background as Trump secures a new term as US President.
The US Dollar Index rallies firmly and gains nearly 2% on Wednesday.
Crude Oil slides lower and drops nearly 3% on Wednesday following the US presidential election outcome, which fell in favor of former President Donald Trump. One of Trump’s promises in the campaign running up to the election was to support and open up more drilling for Oil to become a bigger net producer. This would create another imbalance in the markets between supply and demand, with Oil prices likely to trade lower than current levels.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, rallies and gains nearly 2% on Wednesday, not only on the back that Donald Trump has secured a fresh term. The fact that the Republicans have a chance of controlling the House of Representatives after getting control of the Senate means that Trump would have complete control of the decision system and could get several packages, reforms, and tariff implementations done without any issues.
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