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Crude prices fall amid thin trading and ahead of U.S. elections results
Crude prices fell on Tuesday after failing to open higher, as demand weakened on stocks and commodities today ahead of U.S. presidential elections results.
U.S. crude futures last traded at $44.75 a barrel, down from the opening price of $44.92, with an intraday high at $45.23, and a low at $44.39.
Crude prices failed to hold their gains made yesterday, resuming their decline today as demand falls on stocks and commodities as investors wait for the elections results before making new positions.
On the other hand, the dollar rose against major rivals for the second straight day, heaping pressure on crude prices according to their inverse relation.
OPEC said it expects higher oil prices, but markets didn't react to them as they wait for U.S. elections results, specially as Hillary Clinton's chances climb.
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