Oil prices retreated in Friday’s session as fears of damage on oil and gas infrastructure in the U.S. Gulf by Hurricane Rafael receded. Concerns about weakening demand in China have also contributed to the oil price decline, after data showing crude imports in China fell 9% in October. That marked the  sixth consecutive month that imports by the world’s largest oil importer declined on a year-over-year basis. Brent crude for January delivery was down 2.7% to trade at $73.76 a barrel at 11.40 am ET while WTI crude for December delivery fell 2.9% to trade at $70.28 per barrel. 

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Oil markets witnessed choppy trading in Wednesday’s session, withoil prices declining in the intraday session before jumping after Donald Trump defeated Kamala Harris to clinch leadership of the White House.The mixed reactions by oil markets are not hard to decipher. On one hand,  U.S. oil producers are looking forward to fewer regulations on crude production under a Trump presidency, meaning higher oil supply and consequently lower prices. On the other hand, a Trump win also means more sanctions on Iranian and Venezuelan barrels, potentially boosting prices..