On Wednesday, the election of Republican former President Trump initially triggered a sell-off that pushed oil down more than $2 as the dollar rallied. Crude prices later pared losses to settle down by less than 1%. On Thursday, Brent crude oil futures settled up 71 cents, or 0.95%, at $75.63 a barrel. A strong dollar makes oil more expensive for other currency holders and tends to weigh on prices. Downward pressure also came from data showing crude oil imports in China fell 9% in October, the sixth consecutive month showing a year-on-year decline, as well as from a rise in US crude inventories.

Source: bd News24 November 08, 2024 03:21 UTC