Oil Trades Near Two-Week High as President Obama Wins Election
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Oil traded near the highest level in two weeks in New York, paring an earlier decline, after U.S. voters returned Barack Obama as president of the world’s biggest crude-consuming nation.
Futures were little changed after dropping as much as 1 percent. Oil rallied with gold while the dollar fell after television network projections showed Obama winning re-election and Republican challenger Mitt Romney conceded defeat. Investors speculated the victory increases the chance the U.S. will continue monetary stimulus that tends to weaken the currency and boost dollar-denominated commodities.