Oil Edges Higher Ahead of U.S. Election -- Market Talk

Dow Jones11-05 17:13

0912 GMT - Oil prices edge higher ahead of the U.S. election after gaining more than 2% in the previous session on OPEC+'s decision to delay output hike plans. In early European trade, Brent crude rises 0.4% to $75.37 a barrel, while WTI is up 0.4% at $71.77 a barrel. All eyes are now on the outcome of the tight race between Vice President Harris and former President Trump, the Federal Reserve's next policy move and China's National People's Congress for the approval of stimulus measures. Meanwhile, prices are also supported by Middle East tensions, with Iran telling diplomats it is planning a strong response against Israel. Still, "oil bulls need a robust Chinese recovery, and perhaps a longer restriction output from OPEC to win over the medium-term bears," Swissquote Bank's Ipek Ozkardeskaya says in a note. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

November 05, 2024 04:13 ET (09:13 GMT)

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