Speculators betting on Kerry?
LONDON (Reuters) - Oil prices fell sharply on Monday on speculation that a U.S. election win for Senator John Kerry could ease the geopolitical friction that has helped fuel this year's record-breaking rally.
Energy analysts said a win for the challenger Kerry in Tuesday's U.S. presidential election could mean lower crude prices than if President Bush were reelected. Latest opinion polls can barely separate the two.
"Under a Kerry administration we'd likely have a much more interventionist SPR policy," said Jamal Qureshi, market analyst at PFC Energy in Washington. "And when you look out a bit further, Bush is more likely to be aggressive in the Middle East, particularly in Iran."