Oil prices fell today with Brent settling back below $40/bbl again as the US presidential election still remains uncalled. New cases of COVID-19 continued to surge, with the US marking more than 100,000 new cases per day for multiple days straight.

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“Perhaps the biggest conclusion to be drawn at this stage is that there is only a small likelihood that existing oil & gas tax incentives will be removed in the U.S. – even if Biden emerges as the winner – given the narrow margin of victory and a probable Republic majority in the U.S. Senate,”

Oil prices rose today along with equities for a second straight day although traders are bracing for a wild ride ahead of US Election Day.

Oil prices steadied during today’s session, buoyed by US equities, after trading lower in the overnight session as we head into US Election Day tomorrow.

Many nations with high oil consumption across the world are seeing infection levels that they didn’t have even during the first wave,” said Paola Rodriguez-Masiu

Oil prices had a tough day today initially falling below the $35/bbl mark but traded up later in the session. US GDP numbers showed a strong rebound in Q3 from Q2 numbers

The project is an important job creator for families in Alaska, with more than 1,000 jobs expected during peak construction and more than 400 jobs during operations, creating more revenue for the State, and offering protections for important resource values such as caribou and subsistence activities

Oil prices were strong today after yesterday’s sell off. Contango in the oil markets has also been strong as of late further indicating a potential surplus in the short term.

It’s a dark Monday in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. . .