AsianFin--Oil prices inched up following a nearly 3% drop on Friday, as markets adjusted to President Joe Biden's decision to withdraw from the 2024 presidential race and wildfires posed risks to Canadian oil production.
Brent crude, the global benchmark, hovered around $83 a barrel after experiencing its largest one-day decline since early June. West Texas Intermediate traded below $81. Biden's exit from the race, driven by concerns about his ability to compete against Donald Trump, and his endorsement of Vice President Kamala Harris, influenced market sentiment. Additionally, the weakening dollar supported commodities priced in the currency.