Oil Prices Fluctuate Amid US Election and OPEC Decisions

Oil prices fell as the U.S. dollar strengthened following Donald Trump's election victory, which is expected to lead to higher interest rates and potential tariffs affecting China's economy. This has raised concerns about weakened oil demand from China, the world's largest crude importer. The dollar's rise makes oil more expensive for other currency holders. Analysts suggest Trump's policies could pressure oil demand but also potentially reduce supply by renewing sanctions on Iran and Venezuela. Additionally, U.S. crude inventories rose more than expected, further impacting prices.