Will Biden Lead To More Or Less Volatility In Oil Markets?

Oil markets feared that a Biden victory will lead to a price crash given his clean energy agenda, yet, prices have only been affected by U.S. election uncertainty during the past weeks. Now a Joe Biden presidency is almost a certainty, equity markets and risk assets including oil are rallying. Adding fuel to the fire, markets have been bolstered by the announcement of a potentially effective vaccine by Pfizer and Moderna and talk about an extension of current OPEC+ output cuts. News about an extension of OPEC+ cuts came as the markets are digesting…