Oil prices edged up today following a sell-off triggered by the US presidential election: Oil prices regained ground with Brent crude oil futures rising 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.
According to Oman News Agency, 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, causing significant disruption to oil production, with about 17% or 304,418 barrels per day affected in the US Gulf of Mexico.
The report also noted that US crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending on 1 November 2024, according to the US Energy Information Administration. This increase was larger than the expected rise of 1.1 million barrels, further influencing market dynamics.