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Oil Market Volatility to Endure Regardless of US Election Outcome - Ministry

Russian Deputy Energy Minister said that oil market volatility correlates with the financial markets and would remain regardless of the US presidential elections outcome.

A worker at an oil field owned by Bashneft, Bashkortostan, Russia - Sputnik International
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MOSCOW (Sputnik) Oil market volatility correlates with the financial markets and would remain regardless of the US presidential elections outcome, Russian Deputy Energy Minister Kirill Molodtsov said Wednesday.

"Volatility will keep going, it is to stay. The oil market is absolutely correlated with the financial. Money market, resource market, commodities market are all interdependent although multidirectional. Therefore, the correlation will stay and volatility will remain," Molodtsov said commenting on effects of Donald Trump's victory in the US presidential elections on the international oil market.

The oil price began to fall on preliminary data, predicting Trump's unexpected victory. The maximum drop in the Brent crude trading reached 3.54 percent. However, the oil later bounced back to the decrease of 1.02 percent.

Earlier in the day, Trump won the US presidential elections despite most of the analysts and opinion polls predicting his defeat to Democratic Party nominee Hillary Clinton. Trump got 276 electoral votes against Hillary Clinton's 218 votes out of 270 needed to win.

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