Oil prices edge up on Gulf of Mexico storm

Quick Summary:

Oil prices edged up about 1% on Tuesday with a storm expected to cut US output in the Gulf of Mexico and as the US dollar weakened on Election Day with polls showing America's presidential race exceptionally close.

On Sunday, the Organization of the Petroleum Exporting Countries and their allies in Opec+ said they would push back a production hike by a month from December as weak demand and rising non-Opec supply depress markets.

Elsewhere in the US, energy firms in the Gulf of Mexico started evacuating workers from offshore platforms ahead of Tropical Storm Rafael, on track to strengthen into a hurricane this week.

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Category: EconomyBusiness

Markets: MalaysiaChinaMexicoSaudi Arabia

Topics: OPECPlus OilPrices /Business/ Commodities GulfOfMexicoStorm SupplyDemand ElectionImpact CrudeFutures DollarWeakness

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 07:31:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 596 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © The Star

News ID: 23438794

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