Oil jumps nearly 3% after Opec+ delays output hike, US election in focus

Quick Summary:

OIL prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the U.S.presidential election.

Analysts expect draws this week in gasoline and distillate inventories, while crude stocks are estimated to rise.U.S.gasoline stocks fell to their lowest in two years in the week to Oct 25.

Democratic presidential nominee Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday's Election Day, and the winner might not be known for days after voting ends.

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Category: EconomyBusiness

Markets: MalaysiaChinaIraqIsraelMexico

Topics: Brent /Business/Business News Oil Opec Petroleum Commodities Crude WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 08:00:00 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 609 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 23417499

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About The Star

Main Topics: EconomyBusiness

Official Website: thestar.com.my

Update Frequency: 21 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 4 hours ago

Coverage Areas: Malaysia

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Publication Timezone: GMT +8:00

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Publisher ID: #22

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