Oil Prices Regain Ground as Investors Eye US Election Fallout

Beijing, 7 Nov (QNA) —- Oil prices edged up today following a sell-off triggered by the US presidential election, as risks to oil supply from a Donald Trump presidency and a Rafael hurricane building outweighed a stronger US dollar and higher inventories.

Brent crude oil futures rose 26 cents, or 0.35%, to $75.18 per barrel. US West Texas Intermediate (WTI) crude gained 16 cents or 0.22% to $71.85.

Trump's election had initially triggered a sell-off that pushed oil prices down by more than $2 as the US dollar rose to its highest level since September 2022.

In North America, Hurricane Rafael intensified into a category 3 hurricane and about 17% of crude oil production or 304,418 barrels per day disrupted in the US Gulf of Mexico.

US crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending on 1 November 2024, the US Energy Information Administration said, compared with expectations for a 1.1 million-barrel rise.

—- Ends/Khalid