Oil prices rise amid post-election volatility, falling Chinese imports
Oil prices rose Thursday following a post-US election sell-off, as concerns over Donald Trump’s presidency impacting oil supplies outweighed lower crude imports in China, the world’s top oil importer.
Brent crude traded at USD 74.92 per barrel.
Natural gas
Natural gas prices also saw a modest increase on Thursday, rising 0.95 percent to USD 2.75450 per million British thermal units, up by USD 0.026 from the previous level.
Initially, the U.S. presidential election triggered a sell-off that drove oil prices down by over USD 2, with the dollar reaching its highest level since September 2022.
However, front-month Brent crude narrowed its losses to close down by USD 0.61 per barrel.
“Historically, Trump’s policies have been pro-business, supporting economic growth and fueling demand,” said Priyanka Sachadeva, senior market analyst at Phillip Nova. “However, any intervention in the Federal Reserve’s easing policies may present additional challenges for the oil market.”
Sachadeva also noted that with the dollar’s surge to a four-month high, oil prices are facing significant headwinds following the US election.
Data released Thursday showed a 9 percent drop in China’s crude oil imports in October, marking a sixth consecutive monthly decline from last year.
According to the US Energy Information Administration, crude oil inventories in the US rose by 2.1 million barrels to 427.7 million barrels for the week ending Nov. 1, surpassing forecasts for a 1.1 million-barrel increase – per Reuters.
