Aatmja Kumari(Intern Journalist): US crude oil prices fell on Thursday. In the US presidential election results, the dollar is strengthened by the possibility of Democratic Party’s Joe Biden’s victory. However, the Republican Party is likely to retain the Senate. Due to this, the chances of the big package in America are less
US West Texas Intermediate (WTI) crude futures fell 40 cents, or 1%, to $ 38.75 a barrel, while Brent crude futures fell 41 cents, or 1%, to $ 40.82 a barrel. Both contracts jumped around 4% on Wednesday. Here, crude oil November futures on MCX fell by Rs 41, or 1.42 percent, to Rs 2856 per barrel.
Vivek Dhar, an analyst with Australia-based Commonwealth Bank, said, “Crude oil prices will remain volatile for a few days due to fluctuations in the US dollar.” Oil prices usually fall due to the strengthening of the US dollar, because the price of crude oil in the dollar would become expensive for foreign buyers.
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