WASHINGTON (dpa-AFX) - Oil futures settled higher on Tuesday, extending gains from the previous session, as traders continued to react positively to OPEC+'s decision to delay production increases.
A weaker dollar, and expectations of increased demand from China contributed as well to the rise in oil prices.
Traders also closely monitored the situation in the Middle East and kept an eye on U.S. Presidential election.
West Texas Intermediate Crude oil futures for December closed up $0.52 or about 0.73% at $71.99 a barrel.
Brent crude futures settled at $75.33 a barrel today, gaining $0.45 or about 0.6%.
The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, decided on Sunday to push back its December production increase by at least a month, prioritizing price support over regaining market share.
The group led by Saudi Arabia and Russia was supposed to begin a series of monthly production increases by adding 180,000 barrels per day from December.
The dollar weakened after some polls dented some of the market bets on a victory for Republican Donald Trump.
Weekly U.S. oil storage data is due from the American Petroleum Institute trade group later on Tuesday and the U.S. Energy Information Administration on Wednesday.
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