Mumbai, 05 Nov (Commoditiescontrol): Crude oil prices edged lower on Tuesday as markets awaited the outcome of the U.S. presidential election, adding a layer of uncertainty to recent gains fueled by OPEC+'s decision to delay a planned production increase.
Brent crude futures dipped by 15 cents, or 0.2%, to $74.93 per barrel, while U.S. West Texas Intermediate crude slipped 14 cents, or 0.2%, to $71.33.
Oil found support earlier after OPEC and its allies, collectively known as OPEC+, announced on Sunday that they would postpone their planned production hike until January, citing fragile demand and increasing non-OPEC supply. However, OPEC's overall output saw a lift in October, primarily due to Libya resuming production, although Iraq's efforts to fulfill its OPEC+ cut obligations helped contain the increase.
Adding to potential supply pressures, Iran has announced plans to raise oil production by 250,000 barrels per day, as reported by the oil ministry's news website Shana.
Meanwhile, in the U.S., a tropical storm expected to strengthen into a Category 2 hurricane in the Gulf of Mexico may disrupt oil output by an estimated 4 million barrels this week, analysts said.
On the technical front, crude prices may need to rise above the $71.50-$72.50 range to reverse downward pressure.
In advance of the U.S. weekly oil data due Wednesday, a preliminary survey indicated a likely rise in U.S. crude stockpiles, while gasoline and distillate inventories may have declined. The mix of election uncertainties and shifting production expectations suggests oil prices may see limited upward momentum in the near term.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
