Skip to content
Subscriber Only

Crude Jumps as U.S. Election Scrambles Legislative Expectations

  • Contested election suggests key Trump initiatives may remain
  • U.S. crude inventories decreased to the lowest since April
oil storage
Photographer: Daniel Acker/Bloomberg
Updated on

Oil surged by the most in a month, swept up in a broader market rally as a tightly contested U.S. presidential election suggested even a new administration would be restrained from enacting its most ambitious objectives.

Futures advanced 4% in New York on Wednesday after a government report showed crude stockpiles tumbled last week. Alongside oil, major equity indices rallied by the most in months amid optimism that key elements of the bull market will remain intact and President Donald Trump’s 2017 corporate tax cuts will not be rolled back. The election remains undecided, but Joe Biden leads the electoral vote count and Trump’s chances of winning are diminishing as more states finish counting ballots.