Oil rises after Donald Trump’s falsely claims victory in tight US election

Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight US election with millions of votes still to be counted and the final result not yet clear.

A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led oil production cuts to support prices.

A contested result and prolonged uncertainty is seen as the most bearish outcome for oil and markets in general, while a win for Joe Biden would be seen as bearish to neutral because of his support for green policies and softer stance on Iran.

West Texas Intermediate was up 86 cents, or 2.3%, at $38.52 a barrel by 1350 GMT.