Oil Steadies With Middle East Tensions and US Election in Focus

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    Upgrade to Premium Oil Steadies With Middle East Tensions and US Election in Focus Bloomberg News Mon, Nov 4, 2024, 5:45 PM 1 min read

    (Bloomberg) — Oil steadied after jumping almost 3% on Monday on heightened tensions in the Middle East and OPEC+’s decision to delay restoring barrels to the market.

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    West Texas Intermediate traded near $72 a barrel after rising the most in more than three weeks in the previous session, while Brent closed above $75. Traders are on edge after Iran’s supreme leader warned over the weekend of a “crushing response” to the country’s enemies, escalating his rhetoric after taking a more measured tone earlier.

    The US crude benchmark has lost about 12% since the end of June on disappointing Chinese demand and surging supply from the Americas, particularly the US, prompting the OPEC+ alliance to push back its plan to restore production. The market is also jumpy ahead of the presidential election, which remains too close to call.

    To get Bloomberg’s Energy Daily newsletter into your inbox, click here.

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