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It's likely you've set the exposure to a negative value prior to dragging the ellipse.
Ensure all the sliders are set to the zero point. If you hold down Alt/Option, the heading at the top of the sliders changes to "Reset," and you can reset all of them in a single click.
In general, changes you make to the sliders after creating the ellipse are not remembered the next time you use the tool, but slider values you adjust before drawing the ellipse will stay as defaults for the next use.
PS - I'm going to ask this question be moved to the Lightroom forum.
I did set the exposure to a negative value because that was what the exercise in the book, Classroom in a book the official training workbook from Adobe, said to do ( -0.5 and also to reduce the highlights to -25) The illustration in the book shows no dark ellipse just a clear one with a white line round the edge. I eventually got the ellipse back to normal by going into various settings menus - I can't remember how I did it though!
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Just a guess, but do you have the Overlay turned on? And Set to Black?
To toggle the Overlay press [ O ]
To toggle the Overlay colors (of which Black is an option [Shift]+[ O ]