Oil prices edged up today following a sell-off triggered by the US presidential election: Oil prices regained ground with Brent crude oil futures rising 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. According to Oman News Agency, Trump's election had initially triggered a sell-off that pushed oil prices down by more than $2 as the US dollar rose to its highest level since September 2022. In North America, Hurricane Rafael intensified into a category 3 hurricane, causing significant disruption to oil production, with about 17% or 304,418 barrels per day affected in the US Gulf of Mexico. The report also noted that US crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending on 1 November 2024, according to the US Energy Information Administration. This increase was larger than the expected rise of 1.1 million barrels, further influencing market dynamics.
Related Articles
HM The Sultan Sends Greetings to Finland on Independence Anniversary.
Muscat: His Majesty Sultan Haitham bin Tarik has sent a cable of greetings to President Dr. Alexander Stubb of the Republic of Finland on the occasion of Finland’s Independence Anniversary.
According to Oman News Agency, in the cable, His Majesty th…
Plastic-Free Market Initiative Launched in North A’Sharqiyah
North a’sharqiyah: The Environment Authority today launched the “Plastic-Free Market” initiative in several traditional open-air markets across the North A’Sharqiyah Governorate, as part of its ongoing efforts to implement the third phase of Ministeri…
The Journalists Syndicate condemns the policy of intimidation and threats against journalists in Gaza
Ramallah – Ma’an – The Palestinian Journalists Syndicate condemned the policy of intimidation and threats to which some journalists in the Gaza Strip are subjected, the latest of which was the storming of the home of journalist Ihab Fasfous in Khan Yu…