Oil Edges Down ahead of US Election

Singapore, 5 Nov (ONA) —- Oil prices eased slightly today as markets braced for uncertainties from the US presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns.

Brent crude futures fell 15 cents, or 0.2%, to $74.93 a barrel while US West Texas Intermediate crude was at $71.33 a barrel, down 14 cents, or 0.2%.

Oil prices were supported by Sunday’s announcement from the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.

—- Ends/Khalid