Oil mixed as election seen swinging to Clinton while OPEC doubts weigh

By Ethan Lou

NEW YORK (Reuters) - Oil prices were mixed on Monday, supported by easing concerns over the economy after news that U.S. presidential candidate Hillary Clinton will not face charges over her emails, but prices were pressured by a rallying dollar and doubts over OPEC's planned production cuts.

U.S. crude futures were also supported by a weekly drop of 442,077 barrels of oil at the U.S. delivery hub in Cushing, Oklahoma, according to data to the week ending Nov. 4 from energy monitoring service Genscape, cited by traders.

U.S. West Texas Intermediate (WTI) crude traded at $44.21 per barrel at 10:56 a.m. (1556 GMT), up 14 cents, or 0.3 percent.

 

Brent crude was down 20 cents, or 0.09 percent, at $45.49 a barrel.

"There's a little bit less of a concern about the economy falling apart," said Phil Flynn, analyst at Price Futures Group in Chicago.

The Federal Bureau of Investigation said it would not press charges against Clinton over her using a private email server. That indicated worse prospects for Republican candidate Donald Trump, whose stance on foreign policy, trade and immigration have unnerved the market.

U.S. stocks [.SPX] soared on Monday, a day before the election, while the dollar strengthened on news of Clinton's improved prospects, making greenback-denominated crude more expensive for holders of other currencies.[.N] {USD/]

OPEC Secretary-General Mohammed Barkindo reiterated the Organization of the Petroleum Exporting Countries' commitment to a deal to cut output made in Algiers late September, which sought to boost prices after two years of oversupply.

But many analysts doubt OPEC's ability to coordinate a cut sufficient to balance the market.

"Market belief that OPEC can reach a credible deal has collapsed and prices are now $8 a barrel off the post-Algiers highs," David Hufton, managing director of PVM Oil Associates, said in a note.

He cited record OPEC production in October, infighting between Iran and Saudi Arabia, as well as calls from Iraq for its own exemption from any cut.

Oil futures posted their biggest weekly percentage decline since January last week with Brent falling as low as $45.08, its weakest since Aug. 11, and WTI hitting $43.57, its lowest since Sept. 20.

(Additional reporting by Libby George in LONDON and Henning Gloystein in SINGAPORE; Editing by Marguerita Choy and Dale Hudson)