Key Points
NEW YORK (Reuters) -Oil prices edged up about 1% to a one-week high 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...
That put Brent on track for its highest close since Oct. 25 and WTI, which was up for a fifth day in a row, on track for its highest close since Oct. 14...
Also 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.. Oil prices had been supported by the announcement on Sunday by the Organization of the Petroleum Exporting Countries (OPEC) 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 U.S. Federal Reserves policy meeting, and a meeting of Chinas National Peoples Congress keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG International, a financial firm...
Eyes are also on Chinas NPC meeting for any clarity on fiscal stimulus to uplift the countrys 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...
