Crude Oil holds up amid Saudi Aramco lower profits, storm Rafael threatening Gulf region

Crude Oil tries to head to $72.00 after increasing more than 3% on Monday. 

Tropical storm Rafael is set to hit a production-sensitive region which could reduce US output by around 1.7 million barrels per day. 

The US Dollar Index is flatlining while the US is heading into election day to choose its next president. 

Crude Oil price ticks up on Tuesday for a second consecutive day, further banking on the delay in Oil production normalization by OPEC . Lower supply could also be on the cards due to chances of disruption in the US Gulf region as  tropical storm Rafael is making its way to the oil rigs and could take out 1.7 million barrels per day from production. Meanwhile, Saudi Aramco – the biggest state-owned oil producing company from Saudi Arabia – has posted a 15% drop in quarterly profit, adding to chances that Saudi Arabia urges OPEC to do more in limiting supply.  

The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is trading sideways as US citizens are heading to the voting booths to choose their next president. Chances that by Wednesday markets will know if Vice President Kamala Harris or former President Donald Trump will be the next president are very slim. Over 100 court cases and litigation efforts could kick in in case there is no clear- winner, a scenario that could throw the US into weeks or months of political uncertainty.