Oil Edges Lower as Traders Consider How Trump May Affect Market [Yahoo! Finance Canada]
Chevron Corporation (CVX)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Oil edged lower after fluctuating for most of the session as traders wrestled with the potential market effects of Donald Trump's election win. Most Read from Bloomberg West Texas Intermediate settled about 0.4% lower near $72 a barrel, and Brent settled slightly below $75. Crude initially tumbled as much as 3.1% as Trump's victory lifted the dollar, then pared losses on speculation that the incoming administration may escalate the conflict in the Middle East or impose stricter sanctions on Iran. Oil's disjointed moves contrast with other markets, with gold and copper plunging and equities soaring to all-time highs. “Crude is the one asset class without a clear direction following a Trump victory,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. Yet prices are getting some support from renewed concerns about Middle East stability “and the potential for supply disruptions if Trump successfully enforces sanctions on Iranian oil exports,” sh
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