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Upgrade to Premium Oil Steadies After Election Jolt as Traders Weigh Trump’s Impact
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Oil Steadies After Election Jolt as Traders Weigh Trump’s Impact
Yongchang Chin Wed, Nov 6, 2024, 6:14 PM 1 min read
(Bloomberg) — Oil steadied after a roller-coaster session on Wednesday as traders weighed the likely impact of Donald Trump’s election victory, and a build in US crude inventories.
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West Texas Intermediate traded below $72 a barrel after swinging in a near-$3 arc in the previous session to end slightly lower, while Brent closed near $75. Trump’s election as US president spurred the biggest jump in the dollar since September 2022, pressuring commodities. Meanwhile, commercial crude stockpiles rose 2.15 million barrels to the highest since August.
Crude has had a volatile year, buffeted by tensions in the Middle East, OPEC+ supply policy, as well as a weakening demand outlook in top importer China. A Trump administration is expected to be more positive toward the nation’s oil producers, while it may also rejig sanctions policy and enforcement, potentially seeking to curbs flows from major producer Iran.
Trump’s victory is set to shake up US energy and environmental policy, and there’s likely to be sweeping implications for oil production, offshore wind development, and electric vehicle sales. Citigroup Inc. said the win was net bearish for crude’s outlook on prospects for higher supply, as well as fresh trade tariffs on China that may may further crimp growth.
On the weather front, meanwhile, Hurricane Rafael slammed Cuba with Category 3 winds, although the system is expected to weaken before reaching the US coast around the Gulf of Mexico. The threat to oil production has fallen to about 1.55 million barrels a day as the storm’s direction shifted eastward.
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