{"id":15652,"date":"2024-11-05T04:00:42","date_gmt":"2024-11-05T04:00:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15652"},"modified":"2024-11-05T04:00:42","modified_gmt":"2024-11-05T04:00:42","slug":"oil-dips-ahead-of-us-election-and-china-npc","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-dips-ahead-of-us-election-and-china-npc\/","title":{"rendered":"Oil Dips Ahead of US Election and China NPC"},"content":{"rendered":"\n<p><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/15652.mp3\"><\/audio><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Key points:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brent crude futures fell 0.2% to $74.93 per barrel, while WTI crude dipped to $71.33, down 0.2%.<\/li>\n\n\n\n<li>OPEC+ delayed its production hike, easing supply concerns, while Iran plans to increase output by 250,000 barrels daily.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Oil prices started Tuesday with a modest decline, down 0.2% for both Brent and WTI crude futures. After gaining over 2% in the previous session, this pause reflects the market&#8217;s anticipation of potential volatility tied to the U.S. presidential election and the upcoming National People&#8217;s Congress (NPC) meeting in China. These events could bring policy shifts or economic stimulus that impact demand, especially for industrial commodities like oil.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Brent and WTI Slip as Markets Await U.S. Election and China NPC<\/strong><\/h2>\n\n\n\n<p>Brent crude futures dropped by 15 cents to $74.93 a barrel, while U.S. West Texas Intermediate (WTI) crude was down 14 cents to $71.33 a barrel. Traders are watching for election results, and the NPC meeting in China could signal more stimulus that would support demand.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-10-1024x457.jpeg\" alt=\"\" class=\"wp-image-15653\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See: Crude oil prices are attempting a recovery from recent lows near 65.256, showing a mild uptrend but facing resistance around 71.487 as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>One supportive factor for oil has been OPEC+&#8217;s decision to delay its December production hike, helping mitigate supply concerns. Sunday&#8217;s announcement from OPEC and its allies, including Russia, postponed the increase, a move attributed to weaker demand and rising non-OPEC supplies.&nbsp;<\/p>\n\n\n\n<p>However, despite the delay, OPEC output in October saw an uptick, driven by Libya\u2019s resumed production. Still, Iraq\u2019s ongoing commitment to its OPEC+ production cut agreement somewhat countered this.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/oil-climbs-on-gulf-tensions-opec-outlook\/\">Oil Climbs on Gulf Tensions, OPEC+ Outlook<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Iran to Boost Output by 250,000 Barrels<\/strong><\/h2>\n\n\n\n<p>Adding complexity to the supply side, Iran is set to increase its oil production by 250,000 barrels per day, as confirmed by the oil ministry\u2019s news agency, Shana. This boost in output could weigh on global supply, depending on market conditions and Middle East developments.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Iran has approved a plan to increase oil production by 250,000 barrels per day, the Iranian oil ministry&#39;s news website Shana reported on Monday.<\/p>&mdash; Iran International English (@IranIntl_En) <a href=\"https:\/\/twitter.com\/IranIntl_En\/status\/1853499857719201844?ref_src=twsrc%5Etfw\">November 4, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Looking ahead to the U.S. weekly oil inventory report due on Wednesday, preliminary data from a Reuters poll indicates a likely rise in crude stockpiles, with potential declines in both distillate and gasoline inventories.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dipped early Tuesday as traders awaited the U.S. election and China\u2019s NPC developments. OPEC+ delay on production hike adds to potential volatility. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,34],"class_list":["post-15652","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15652"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15652\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}