Oil prices fell by more than 1% on Wednesday following the news of Donald Trump’s victory in the US presidential election, Reuters reports.
The cost of Brent crude oil futures fell by $1.25, or 1.65%, to $74.28 per barrel, while US West Texas Intermediate (WTI) crude oil fell by $1.25, or 1.74%, to $70.74 per barrel.
Trump’s victory helped to strengthen the dollar, which increases the cost of commodities, including oil, for holders of other currencies, potentially reducing demand.
Experts suggest that with Trump’s election, the US may increase economic pressure on China, which could reduce global oil demand. In addition, the former president has expressed his intention to develop the US oil industry, which could also affect prices for black gold.
Oil prices also came under pressure due to an increase in US crude oil stocks, as reported by the American Petroleum Institute.
How the election affected global markets The US presidential election has already had an impact on the global economy. For example, the rate of bitcoin, the most popular cryptocurrency, has risen to a record high of $75,000.
As a reminder, Trump promised to turn the US into the ‘world’s crypto capital’ by actively using digital assets during his election campaign. Analysts also predicted that Trump’s victory could push bitcoin to new highs, potentially up to $90,000 by the end of the year.
