Like any other risky asset classes, oil is with Clinton. Oil was already under pressure as doubts have emerged over the viability of an OPEC deal but as it was revealed on 28th of October that Federal Bureau of Investigation (FBI) is reopening the Hillary Clinton’s email case, oil price for both The Brent, and WTI declined for six consecutive days. The price then recovered, only after FBI communicated to congress that it is sticking to its July conclusion and not bringing any fresh charges.

At FxWirePro, our long call in oil (WTI) is active, and our stop loss around $40-42 area has not been hit yet. Oil has found support around $45 area as expected and currently trading at $45.1 per barrel. While our long call is based on other fundamentals excluding the US election, the election jitters have grown large to become a major fundamental mover for oil.

If Donald Trump wins (we forecasted a Trump win) tonight, oil might defy other fundamentals and take the cue from other fundamentals and drop past our stop loss.