Crude Oil Settlements Remain Afloat on Election Day Tuesday

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Crude oil futures posted a small gain Tuesday as the U.S. elected the nation’s next president, according to Bloomberg MarketWatch.

December West Texas Intermediate crude rose 9 cents, or 0.2%, to settle at $44.98 a barrel on the New York Mercantile Exchange. Prices gained 1.9% on Monday after posting declines for six sessions in a row.

On London’s ICE Futures Exchange, January Brent crude, the global benchmark, shed 11 cents, or 0.2%, to end trading at $46.04 a barrel.

Traders remain skeptical that OPEC will successfully complete an agreement to limit production.

Meanwhile, financial markets were keeping a close watch on the election as voters headed to the polls on Tuesday.

“The market has largely priced in a Clinton victory so if she wins, we would see marginal effects on oil prices,” said Vyanne Lai, an analyst at National Australia Bank, adding most market participants are banking on Clinton to embrace an open-trade policy that could help improve the global flow of oil and gas trades.

If Trump pulls a surprise upset, global markets could see volatility, added Lai.

Oil investors will also be watching the weekly domestic oil inventories and production data for week ending November 4. In the previous week, U.S. inventories rose to a three-decade high of more than 14 million barrels, largely due to imports. The official data from the U.S. Energy Information Administration will be released on Wednesday.

Analysts polled by S&P Global Platts forecast a rise of 1.6 million barrels in crude stockpiles.

In a monthly report issued on Tuesday, the EIA raised its forecast for 2016 domestic crude production to 8.84 million barrels a day, up 1.3% from the previous forecast.

Meanwhile, December natural gas dropped 18.3 cents, or 6.5%, to settle at $2.633 per million British thermal units on the New York Mercantile Exchange.