Crude Futures Gain As Market Watches U.S. Election
Crude oil futures rise in a choppy session with participants awaiting the outcome of the U.S. presidential election.
Prices are supported by the OPEC+ decision to postpone output increases, while reports of Iranian plans to attack Israel, which would elicit an Israeli response, has the market holding its breath, says John Kilduff of Again Capital. Further support came as several producers started moving nonessential workers ashore ahead of Tropical Storm Rafael, which is forecast to approach the Louisiana coast at the weekend. "The track puts it right into the heart of the Gulf," Kilduff says. Around 4.7 million barrels of oil could be shut in by the storm, according to the midpoint of estimates by Earth Science Associates.
WTI settles up 0.7%, at $71.99 a barrel, and Brent rises 0.6%, to $75.63 a barrel.
Source: Marketwatch
