Global oil prices sharply climbed in a volatile trading session Wednesday after President George W. Bush's re-election was confirmed.
Crude for December delivery rose 1.26 dollars to close at 50.88 dollars per barrel on the New York Mercantile Exchange on Wednesday.
In London, Brent crude for December delivery jumped 1.01 dollars to 47.56 dollars per barrel on the International Petroleum Exchange.
Market analysts attributed the sharp rise to the high uncertainty in crude oil provision, especially from the Middle East, stemming from Bush's election victory.
Oil prices had briefly dipped to 48.65 dollars per barrel early Wednesday following the U.S. Energy Department's announcement that crude oil inventories surged 6.3 million barrels to 289.7 million barrels in the week to October 29.
However, prices reversed course after news of Bush's re-election and the announcement by Russian oil giant Yukos that it is "close to insolvency."