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Crude Oil prices ended the last trading session on a bearish note.

Oil prices have been under pressure in the last few days, as it seems the most likely winner of the election, Joe Biden, would be in charge of the world’s most important economy. The assumption that his major focus would be on renewables, sent oil prices tanking below $40/barrel.

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What we know

Brent crude prices closed 3.62% lower to settle at $39.45 a barrel. U.S. West Texas Intermediate dropped 4.25% to settle at $37.14 a barrel.

Still, both contracts gained in the week, with Brent up 5.8%, and U.S. crude rising 4.3%.

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Also, the rising COVID-19 caseloads across the Northern Hemisphere halted the bull’s track, as oil traders’ fears got strengthened on the bias of lackluster demand and as the U.S election got drawn out over days.