Oil prices were stable early on Tuesday after posting strong gains the previous day, with investors piling money into financial markets in expectation that Democrat Hillary Clinton would win the U.S. presidential election.
U.S. West Texas Intermediate (WTI) crude futures <CLc1> were down 1 cent at $44.88 per barrel at 0038 GMT. The contract had gained almost 1.9 % the previous session on polls putting Clinton ahead of her Republican competitor Donald Trump for Tuesday’s election.
“Oil appears to have coat-tailed most other commodities higher, as part of a Clinton-led, broad-based, risk asset rally,” said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.
“Crude oil prices bounced off key support levels as investors piled back into the energy sector,” ANZ bank said on Tuesday.
In physical oil markets, U.S. pipeline companies with operations at the heart of the country’s commercial oil industry at Cushing, Oklahoma, restarted on Monday after a 5.0-magnitude earthquake late on Sunday triggered safety shutdowns.
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