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Oil Edges Lower in Likely Technical Correction
Tuesday, 5 November 2024 08:38 WIB | Minyak US Oil Futures

Oil edges lower in the Asian morning session due to a possible technical correction. Oil futures closed sharply higher Monday after members of OPEC+ said they would wait another month before starting to unwind 2.2 million barrels a day in production cuts. While the move may temporarily bolster oil prices, the U.S. presidential election is a critical factor in determining oil price trends, XS.com's Rania Gule says in an email. Investors are closely watching, as the economic policies of the new U.S. administration will directly affect global oil demand, the senior market analyst...

Dollar Holds Decline Amid Tight US Presidential Race
Tuesday, 5 November 2024 10:34 WIB | DOLLAR USD

The dollar index traded around 103.9 on Tuesday, holding onto losses from the previous session as uncertainty over the outcome of the US presidential election led traders to unwind some of their "Trump trade" positions. Recent polls suggest a tighter race between Kamala Harris and Donald Trump than initially expected, with market attention also focused on which party controls Congress, as a sweep could trigger significant changes in spending and tax policies. On the monetary policy front, the Federal Reserve is widely anticipated to announce a more cautious 25-basis-point rate cut on...

Oil trades in tight range ahead of US election
Tuesday, 5 November 2024 11:28 WIB | Minyak Oil,

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 ticked up 14 cents, or 0.19%, to $75.22 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $71.6 a barrel, up 13 cents, or 0.18%. "We are now in the calm before the storm," IG market analyst Tony Sycamore said. Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries...