Oil prices edged up on Thursday following a sell-off triggered by the US presidential election: Oil prices edged up on Thursday following a sell-off triggered by the US presidential election, as risks to oil supply from a Donald Trump presidency and a Rafael hurricane building outweighed a stronger US dollar and higher inventories.
According to Qatar News Agency, Brent crude oil futures rose 26 cents, or 0.35%, to $75.18 per barrel. US West Texas Intermediate (WTI) crude gained 16 cents or 0.22% to $71.85. The initial market reaction to Trump’s election saw a sell-off that drove oil prices down by more than $2 as the US dollar surged to its highest level since September 2022.
In North America, Hurricane Rafael intensified into a category 3 hurricane on Wednesday, impacting about 17% of crude oil production, equivalent to 304,418 barrels per day, in the US Gulf of Mexico. This development added to supply concerns in the oil market.
Furthermore, US crude inventories saw an increase of 2.1 million barrels, re
aching a total of 427.7 million barrels in the week ending on November 1, according to data released by the US Energy Information Administration on Wednesday. This rise exceeded expectations, which had anticipated a 1.1 million-barrel increase.