WTI INCHES LOWER TO NEAR $71.00 AHEAD OF US PRESIDENTIAL ELECTION
- Oil prices receive downward pressure as traders adopt caution ahead of US election results on Tuesday.
- WTI prices rose more than 3% after OPEC postponed its planned production increase for December on Monday.
- Oil demand may increase as China is expected to approve an additional stimulus package of more than 10 trillion yuan.
West Texas Intermediate (WTI) Oil price edges lower due to uncertainties surrounding the results of the US presidential election on Tuesday. The WTI price trades around $71.20 during the Asian hours after rising more than 3% on Monday, which could be attributed to OPEC coalition, delaying plans to hike production in December.
On Sunday, the OPEC alliance—which includes the Organization of the Petroleum Exporting Countries and its allies like Russia—agreed to extend its production cut of 2.2 million barrels per day (bpd) through December 2024, citing weak demand and rising supply outside the group.
Regarding the US presidential election, former President Donald Trump and Vice President Kamala Harris both predicted victory as they campaigned across Pennsylvania on Monday in the final, frantic day of an exceptionally close US presidential election.
The opinion polls show that Trump and Harris are virtually even. The final winner may not be known for days after Tuesday’s vote. Trump has already indicated he may challenge any unfavorable result, as he did in 2020.
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