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 says.
Front-month WTI crude oil futures are 0.1% lower at $71.37/bbl; front-month Brent crude oil futures are 0.1% lower at $74.98/bbl.
Source : Dow Jones Newswires
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