Markets move
Crude futures rose Brent 26 cents, or 0.35 percent, to $75.18 a barrel by 0125 GMT. US West Texas Intermediate crude rose 16 cents, or 0.22 percent, to $71.85, according to Reuters.
Election resulted Trump Initially a selling spree pushed prices up Oil fell by more than $2 as the dollar rose to its highest level since September 2022.
Donald Trump is expected to resume his “maximum pressure policy” of imposing sanctions on Iranian oil. This could reduce supply by up to 1 million barrels per day, Energy Aspect estimates, although analysts warn that it will be difficult to stop the flow of Iranian oil to… China.
In his first term, Trump also imposed stricter sanctions on Venezuelan oil, measures that President Joe Biden’s administration briefly retreated from before re-imposing them later.
In North America, it has intensified Hurricane Rafael To the third category yesterday, Wednesday, which stopped about 17 percent of crude oil production, or 304,418 barrels per day, in the US Gulf of Mexico.
The US Energy Information Administration said on Wednesday that… US crude stocks It rose by 2.1 million barrels to 427.7 million in the week ending November 1, compared to expectations for a rise of 1.1 million barrels.