US crude settles at near US$45, rising by almost 2% after 6 consecutive days of losses

08-Nov-16

U.S. West Texas Intermediate (WTI) crude settled at US$44.8 a barrel for its first positive settle in seven sessions, while Brent crude traded at US$46.1 per barrel.
The beginning of the week saw oil prices edge higher, supported by a rebound in other asset classes after news that U.S. presidential candidate Hillary Clinton will not face charges over her emails, as per Reuters. However, gains were capped by a rallying dollar and doubts over OPEC's planned production cuts. U.S. crude futures were also supported by a weekly drop of 442,077 barrels of oil at the U.S. delivery hub in Cushing, Oklahoma for the week ended Nov. 4, according to traders citing energy monitoring service Genscape.