Biden Win Could Cause A Huge New Oil Glut

As if the oil market needed another uncertainty in the year of the pandemic, a Joe Biden win at next week's U.S. presidential election could have a significant impact not only on the American oil industry but also on global crude supply within a year.  In stark contrast with President Donald Trump's maximum pressure campaign on Iran with escalating sanctions on the Islamic Republic's oil industry — including a new round of sanctions slapped this week — Biden pledges to offer Tehran a path back to diplomacy and a return to the nuclear…