Brent crude, the international oil benchmark, rose by nearly two per cent on Monday, shaking off earlier losses, as the United States heads into a contentious presidential election.
Brent, had fallen more than $2 to around $36 per barrel earlier on Monday but rose to $38.63 per barrel as of 8:30pm Nigerian time.
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Reuters had earlier reported on Monday that the oil market had been under pressure in recent days, hit by concerns about weaker fuel demand as several European countries re-imposed lockdown measures to curb the second wave of the coronavirus. New infections spiked in the United States as well, with new records of daily infections being set.
Oil prices pared some losses after Japan’s export orders grew for the first time in two years and China’s factory activity rose to its highest in nearly a decade in October.
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Further, US manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years.
President Donald Trump will face off against Democratic candidate Joe Biden in the election, which has spiked concerns nationwide about turbulence and protests stemming from the results.