Oil Falls as Focus Returns to OPEC After Trump Election Surprise
- Crude reversed 4.3% intraday slide Wednesday on Republican win
- ‘Relentless’ supply growth seen by IEA as non-OPEC recovers
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Oil fell as the market’s focus shifted from Donald Trump’s unexpected U.S. presidential election victory to questions about OPEC’s ability to rebalance crude supply and demand.
Futures declined 1.3 percent in New York, erasing earlier gains after the International Energy Agency said prices may retreat amid “relentless global supply growth” unless the Organization of Petroleum Exporting Countries enacts significant output cuts. The dollar rose to an eight-month high against its peers amid increased inflation expectations, putting downward pressure on commodities priced in the currency.