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Oil prices welcome Biden’s withdrawal from presidential race
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Oil prices welcome Biden’s withdrawal from presidential race

According to data from the ICE London exchange, after US President Joe Biden announced the end of his campaign and his withdrawal from the presidential race, oil prices grew by 0.4%–0.5%. Curiously, the oil market welcomed this decision!

Global petroleum prices benefitted from the decision of the current White House chief to exit from the presidential race. London-traded September futures for Brent crude oil jumped sharply by 0.49% to $83.04 per barrel. Moreover, Brent crude briefly spiked to a local high of $83.22 per barrel.

Regarding September futures for light WTI crude, their price increased by 0.48% to $79.02 per barrel. The next day after Biden’s statement, WTI futures reached an intraday high of $79.13.

On Sunday, July 21, Joe Biden confirmed his decision to withdraw from the race for re-election as US president. He also unveiled his approval of Kamala Harris, the Democratic Party's presidential candidate. Besides, the White House chief stated that he is not resigning and is ready to fulfil his duties as president until the end of his term.     
Published 25 July 2024
© InstaFintech Group
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