Commodity markets shrugged off the surprise victory for Donald Trump in the US Presidential election with the initial falls in oil prices already being reversed, helped by (probably misplaced) optimism that he will be able to push a substantial fiscal stimulus through Congress. Trump’s more favourable stance towards fossil fuels should eventually boost both consumption of oil and coal and expand their supply. But it could be his stance on foreign policy, especially regarding the Middle East, which has the biggest near-term impact on oil prices.
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