Crude Oil Prices Surge 3% Amid US Election and Chinese Stimulus Uncertainty

Global crude oil prices rose nearly 3% last week as markets settled in after the US election results. Brent crude oil futures ended the week at $73.87 per barrel on Friday, while US crude settled at $70.35 per barrel.

The market was also influenced by speculations about stimulus efforts from China, the world's No. 1 oil importer. However, Chinese authorities' latest round of fiscal support disappointed oil investors, with measures failing to enthuse.

A Donald Trump presidency may be net bearish for crude prices due to higher domestic production and tariffs that will weigh on the Chinese economy. The president-elect is also expected to clamp down on Iranian oil exports.