AGL 40.15 Increased By ▲ 0.15 (0.38%)
AIRLINK 130.30 Increased By ▲ 0.77 (0.59%)
BOP 6.80 Increased By ▲ 0.12 (1.8%)
CNERGY 4.60 Decreased By ▼ -0.03 (-0.65%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 43.25 Increased By ▲ 1.56 (3.74%)
DGKC 84.19 Increased By ▲ 0.42 (0.5%)
FCCL 33.04 Increased By ▲ 0.27 (0.82%)
FFBL 78.00 Increased By ▲ 2.53 (3.35%)
FFL 11.82 Increased By ▲ 0.35 (3.05%)
HUBC 110.80 Increased By ▲ 0.25 (0.23%)
HUMNL 14.56 No Change ▼ 0.00 (0%)
KEL 5.58 Increased By ▲ 0.19 (3.53%)
KOSM 8.20 Decreased By ▼ -0.20 (-2.38%)
MLCF 39.80 Increased By ▲ 0.01 (0.03%)
NBP 60.85 Increased By ▲ 0.56 (0.93%)
OGDC 199.50 Decreased By ▼ -0.16 (-0.08%)
PAEL 26.67 Increased By ▲ 0.02 (0.08%)
PIBTL 7.80 Increased By ▲ 0.14 (1.83%)
PPL 160.00 Increased By ▲ 2.08 (1.32%)
PRL 26.81 Increased By ▲ 0.08 (0.3%)
PTC 18.84 Increased By ▲ 0.38 (2.06%)
SEARL 83.15 Increased By ▲ 0.71 (0.86%)
TELE 8.18 Decreased By ▼ -0.13 (-1.56%)
TOMCL 34.45 Decreased By ▼ -0.06 (-0.17%)
TPLP 9.10 Increased By ▲ 0.04 (0.44%)
TREET 17.12 Decreased By ▼ -0.35 (-2%)
TRG 60.00 Decreased By ▼ -1.32 (-2.15%)
UNITY 27.65 Increased By ▲ 0.22 (0.8%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,534 Increased By 127 (1.22%)
BR30 31,898 Increased By 185 (0.58%)
KSE100 98,147 Increased By 818.7 (0.84%)
KSE30 30,514 Increased By 321.6 (1.07%)

LONDON: Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

Brent crude futures were up 45 cents, or 0.6%, to $75.53 a barrel by 1226 GMT, while U.S. West Texas Intermediate crude was at $71.94 a barrel, up 47 cents, or 0.7%.

“The fate of this election is important for the oil market, since a Donald Trump victory could have major consequences for international trade, geopolitical relations, U.S. energy policy and international climate policy,” analysts at France’s Engie Group said.

Oil prices had been supported by Sunday’s announcement from the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.

Still, risk-taking remains limited with a busy week - including the U.S. election, the Federal Reserve’s policy meeting, and China’s National People’s Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.

Oil jumps nearly 3pc after OPEC+ delays output hike

For now, polls suggest the U.S. presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.

“Eyes are also on China’s NPC meeting for any clarity on fiscal stimulus to uplift the country’s demand outlook, but we are unlikely to see any strong commitment before the U.S. presidential results, and that will continue to keep oil prices in a near-term waiting game,” Yeap said.

Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.

Iran also plans to increase output by 250,000 barrels per day, the oil ministry’s news site said on Monday.

In the U.S., a storm predicted to intensify into a hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.

Ahead of U.S. weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that U.S. crude stockpiles likely rose last week, while distillate and gasoline inventories fell.

Comments

200 characters