Crude oil's rally from recent lows tests resistance, with potential for a breakout above key levels if support at 71.58 holds.
The crude oil market rallied a bit in the early hours of the Tuesday session, as the markets continued to pay close attention to the massive support level underneath, as the market has been in a range for two years now.
Oil futures edged higher in quiet trade early Tuesday as investors await the outcome of a contentious and close U.S. presidential election.
Oil prices see upward momentum from speculators as OPEC+ delays output. Trump vs. Harris election outcome could shape the U.S. oil outlook.
Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said.
The U.S. presidential election draws near, and investors are on high alert as the outcomes of Kamala Harris's and Donald Trump's contrasting economic policies could have significant ramifications for the financial markets.
The oil company said lower oil prices and refining margins pushed down profit, adding it plans to pay dividends of $31.05 billion.
Election uncertainty and OPEC+ production delays put natural gas and oil in a tight range, setting up energy markets for possible breakout moves.
Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend
Oil prices eased slightly on Tuesday as markets braced for uncertainties from the U.S. presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns.
Oil and natural gas fluctuate within ranges and show volatility ahead of the U.S. presidential election.
Oil futures closed sharply higher Monday after members of OPEC+ said they would wait another month before starting to unwind 2.2 million barrels a day in production cuts.