75-second video: Oil, the Obama victory and the fiscal cliff

In this 75-second video, Ole Hansen, Commodities Strategist at Saxo Bank in Copenhagen, discusses how anticipation of a Barack Obama win caused the dollar to drop the day before yesterday's US election, which boosted US equity prices and energy markets.

He notes that Hurricane Sandy has reduced the availability of gasoline, which has caused some upside for crude prices, but that the U.S. fiscal cliff will limit upside in the short term.

With spending cuts and tax hikes that could limit demand, the fiscal cliff is a medium-term negative for oil prices, Hansen says.