Oil prices rose on Thursday following a sell-off triggered by the U.S. presidential election, as risks to oil supply from a Trump presidency and a hurricane building in the Gulf Coast outweighed a stronger U.S. dollar and higher inventories.
Brent crude oil futures were up 65 cents, or 0.87%, at $75.57 per barrel by 0400 GMT. U.S. West Texas Intermediate (WTI) crude gained 54 cents or 0.75% to $72.23.
Concerns around a Trump presidency squeezing oil supply from Iran and Venezuela as well as an approaching storm "more than offset the post-election impact of a stronger U.S. dollar and ... higher-than-expected U.S. inventories," Tony Sycamore, a market analyst with IG, wrote in a note.
Trump's election had initially triggered a sell-off that pushed oil prices down by more than $2 as the U.S. dollar rose to its highest level since September 2022. But the front-month contracts pared losses to settle down 61 cents for Brent and 30 cents for WTI by the end of the Wednesday session.
Source : Reuters
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...