Uncertainty about the US elections together with the surge in coronavirus cases is weighing into the performance of the oil and stock markets, which are experiencing a lot of volatility.
US elections are set to happen today. Democrat candidate Joe Biden leads in the polls, though a tight race in key states like Arizona, California, and Pennsylvania is heavily expected. Biden chose to close his campaign in Pennsylvania, while Trump chose Michigan, as an attempt to change the vote intention in those states, which are deemed "key" for both parties. 97 million Americans have already cast their ballots, while the final turnout is estimated to be at 158 million.
The coronavirus epidemic continues expanding around the world, with 47,363,985 cases worldwide as well as a death toll of 1,212,116. The United States, which is now facing a surge in the number of cases, has reported 9,567,543 cases so far, as well as 236,997 total deaths, followed by India, Brazil, and Russia. Cases are also surging in Europe, as the United Kingdom announced its decision to enter into a second lockdown in the coming days, while Germany decided to set up new restrictions.
WTI crude oil futures recovered on Monday, gaining 2.24 percent during the session, closing at the 36.59 level. Brent oil futures also gained during the session, climbing by 7.77 percent and also recovering from the previous session's losses.
The US stock markets closed in positive territory on Monday. The Dow Jones Industrial Average gained 1.60 percent during the session, closing at the 26,925.05 level, followed by the S&P 500 which gained 1.23 percent, closing the session at the 3,310.24 level. In the same way, the Nasdaq 100 advanced by 0.29 percent during the session, closing at the 11,084.76 level, while the NYSE composite gained 1.87 percent, closing at the 12,662.17 level.