Saudi Arabia Wins WSIS Prize 2021    Saudi Stock Exchange Main Index Ends Trading Higher at 10,423.51 Points    Jordan Records 1,174 New COVID-19 Cases    Bahraini Foreign Minister Receives Phone Call from His US Counterpart    Al-Asoumi commends Saudi Arabia's support for Sudan    Dr. Al-Sheikh affirms Saudi Arabia's commitment to achieve sustainable development    EAD continues to implement plans to protect Al Wathba Fossil Dunes    India logs record number of Covid deaths as caseload hits 25 million    Indian Navy hunts for 80 missing at sea after devastating cyclone    Russia Reports 8,183 New COVID-19 Cases, 364 Deaths    OIC's IPHRC holds Israel fully accountable for random killing of innocent Palestinians    Museums Commission to host a virtual concert on International Museum Day    Saudi Press: Social Responsibility Leads Next Phase of Controlling Pandemic    Prosthetics Center in Aden Continues to Provide Services with KSRelief's Support    Weather Forecast for Tuesday    Biden expresses 'support' for Gaza ceasefire in call with Netanyahu    King Salman reviews bilateral ties with Bahraini king in phone call    US secretary of state, UAE foreign minister review developments in Israel, Palestine Blinken speaks to EU's Borrell to coordinate efforts to ease Mideast tensions    Museums Commission to host a virtual concert on International Museum Day    Working for 55 hours or more in a week health hazard: WHO Long working hours killing 745,000 people a year, study finds    FDIs into UAE grow by 44.2 percent in 2020    First Flight Flown Form Hail International Airport Heading to Cairo    Al-Attiyah guides Toyota to victory in Andalucia Rally    Saudi Arabia Ranks 5th Worldwide, in Terms of Mobile Internet's Speed    Madinah airport ready for resumption of international flights    STA brings the best of Saudi to Arabian Travel Market 2021    Ensure digital technologies are 'a force for good' — Guterres    Gardening is 'political' says Irish celebrity horticulturist    Only 'coronavirus immune' citizens over 18 years of age can travel to Bahrain    Tyson Fury confirms date for long-awaited fight against Anthony Joshua    Saudi Arabia to Take Part in the World Hypertension Day    Diego Maradona    Remarkable collection of Syrian art transcends horrors of war: Arte Arta Gallery    Champions League final 2021 moved from Istanbul to Porto's Estádio do Dragão    Tawakkalna Launches Registration Service to Donate Organs on its Website    From whom do we take Shariah? How do we get legitimacy?    Sheikh Salman Al Khalifa: Saudi Football Association is distinguished and professional    Saudi Rower Hussain Alireza sets for 2021 Tokyo Olympics qualifiers    Asian Handball Championships' Draw to Take Place in Jeddah on Saturday    President of Union of Arab Football Associations Meets with Heads of FIFA, AFC and CAF    Business Lady Led Saudi World Competitiveness Edge, in Banana Planting    Welcome to beautiful Ramadan customs    Vaccination does not invalidate fasting, says UAE Fatwa Council    It is high time to correct wrong concepts about women's status    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Oil rises on US storage draw, OPEC hopes and election excitement
Published in The Saudi Gazette on 04 - 11 - 2020

Oil prices rose as the market welcomes US stock draws and puts hope on OPEC+, amid excitement for the US election.
This Wednesday is a day when oil prices carry risk and can show volatility.
Prices have continued Tuesday's rally and they are up on a strong relief sign from US crude inventories.
A projected draw of 8 million bpd is a surprise level, especially at a time when demand is increasingly under threat again due to COVID-19's resurgence.
US storage levels and confidence that OPEC+ may after all postpone a planned output boost from January have brought enthusiasm in early trading Wednesday and have strengthened oil prices.
The price of OPEC basket of 13 crudes stood at $38.44 a barrel on Tuesday, compared with $35.89 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Rystad Energy's Head of Oil Markets Bjornar Tonhaugen said: "The elephant in the room? The US election and its outcome. The market has boosted prices ahead of this significant election and its result could definitely weigh on the price direction.
"But as results stand at the moment, without an already clear winner, the election's outcome is not yet really priced in this morning. Traders may look at oil storage data and think of OPEC's future decisions to form prices, but for sure their one eye is locked on TV screens to get an update."
"For the moment there is uncertainty on the election front, and it could very well last, so excitement and anticipation could keep prices up.
"But when the election is past us, we do not expect immediate legislation that will affect the market on day one, so traders will shift short-term focus to real fundamentals, demand and supply. And their balance looks threatened by COVID-19," he added.
"However, the election result could have an impact on prices, and a Trump victory — in contrast to a Biden one — could help price levels keep gains more easily. A Biden win could also mean — at some point — a boost in demand and in turn prices, but also carries a supply risk which could flip the positive effect," Tonhaugen said. — SG

Clic here to read the story from its source.