Crude Oil Prices Holding Tight Ahead Of U.S. Election
Date
11/5/2024 2:33:43 PM
(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.
Crude oil futures remained stable as the market braced for the closely contested U.S. presidential election. Recent support for oil prices came from OPEC+'s decision to delay a planned production hike from December due to weak demand and rising non-OPEC supply. The upcoming election, along with the federal Reserve's policy meeting and China's National People's Congress, has led to cautious trading, as traders could stay on the sidelines.
OPEC's oil output rebounded in October, largely due to Libya resuming production, and Iran is planning to increase its output by 250,000 barrels per day. While these developments could lead to more supply in the market, potential disruptions from a tropical storm in the Gulf of Mexico might reduce U.S. oil production by about 4 million barrels, providing a bullish counterbalance. At this time, the market seems to be in a waiting game, focusing on upcoming data releases and events that could impact global crude prices. This uncertainty may lead to continued volatility, reinforcing a bearish outlook in the short term, but also leaving the door open for bullish scenarios if geopolitical or weather-related disruptions arise.
About Investorideas - Big Investing Ideas
Investorideas is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.
Disclaimer/Disclosure: Investorideas is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact management and IR of each company directly regarding specific questions. More disclaimer info: More disclaimer and disclosure info Learn more about publishing your news release and our other news services on the Investorideas newswire /News-Upload/ Global investors must adhere to regulations of each country.
MENAFN05112024000142011025ID1108854000
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.