The prices of oil They rose slightly on Tuesday, the day of the presidential elections in the United States, in a market that continues to be driven by the extension of OPEC+’s voluntary production cuts.
The price of a barrel of North Sea Brent for delivery in January gained 0.60% to $75.53.
Meanwhile, a barrel of West Texas Intermediate (WTI) for delivery in December gained 0.73% to $71.99.
“Some traders are betting on the results of the US presidential elections,” Robert Yawger of Mizuho USA told AFP.
The United States chooses this Tuesday between Democratic Vice President Kamala Harris and former Republican President Donald Trump as the next president of the United States, in an election close until the last minute.
“A victory for Donald Trump would be favorable for the oil industry,” Yawger explained.
The Republican candidate defends fossil fuels, and wants “stricter respect for sanctions” on Iran, which could raise prices in the short term, noted Andy Lipow, of Lipow Oil Associates.
On the other hand, in the longer term, a trade war with China, the world’s largest crude oil importer, would be unfavorable to oil demand.
For Yawger, oil prices continued to rise on Tuesday after the decision of eight members of the Opec+ alliance to postpone increasing their production for a month.
The announcement from these eight countries, including Saudi Arabia and Russia, came on Sunday. This is 2.2 million barrels that will not yet return to the market, at least until January.
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