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U.S. oil prices steady ahead of election, but oversupply still weighs

Oil&Gas Materials 8 November 2016 01:54 (UTC +04:00)

Oil prices settled more than 1 percent higher on Monday, supported by news that U.S. Democratic presidential candidate Hillary Clinton will not face charges over her emails,Reuters reported.

Gains, however, were capped by a rallying dollar .DXY on Clinton's improved prospects, making greenback-denominated oil more expensive for holders of other currencies, and by doubts over OPEC's planned production cuts.

U.S. West Texas Intermediate (WTI) crude CLc1 settled at $44.89 per barrel, up 82 cents, or 1.9 percent. Brent crude LCOc1 ended 57 cents, or 1.3 percent, higher at $46.15 a barrel.

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