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What Obama's second term means for global oil markets

As the US gets back to business after a hard-fought presidential election campaign, the market may well turn bearish

Last night’s victory for Barack Obama has already softened oil markets a bit. Front-month Brent was down by more than $3 a barrel in London in afternoon trading on 7 November. But Obama’s re-election offers competing forces that will give direction to the crude market. There are three main reasons to expect second-term Obama to be bearish for oil – and one reason for why his win will provide some succour to prices. Start with the reason why Obama will support oil prices. The US economy is recovering. The slow recovery may have continued under Mitt Romney, too. But stability in US economic policy is helpful. For oil, that’s particularly true where monetary policy is concerned. Romney would n

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