Sharjah24 - Reuters: As investors factored in increased demand for gasoline in the United States and the possibility that OPEC+ may postpone a planned output rise in December, five days before the U.S. election, oil prices increased on Thursday.
Brent futures rose by 54 cents, or 0.74%, to $73.09 a barrel by 1:09 p.m. EDT. WTI futures were up 51 cents, or 0.74%, at $69.12.
Traders are standing by on the outcome of the U.S. presidential election on Tuesday, anxious to see what a victory by Republican Donald Trump or Democrat Kamala Harris will mean for oil markets.
"The market is trying to figure out the impact of a Harris or Trump administration on oil production, sanctions and prices," said Andrew Lipow, president of Lipow Oil Associates.
Barring any significant market-moving events in the Middle East over the next five days, trading is likely to be muted as investors await election results before making any big moves, Lipow said.
U.S. gasoline stockpiles fell more than expected to a two-year low in the week ending Oct. 25, the Energy Information Administration said, while crude inventories registered a surprise drawdown as imports slipped.
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