Oil prices rose slightly in Asian trade today following a sell-off triggered by the US presidential election, as risks to oil supplies from Trump's presidency and hurricanes in the Gulf of Mexico outweighed a stronger US dollar and higher inventories, Reuters reported.
Brent crude futures rose 26 cents, or 0.35 percent, to $75.18 a barrel.
U.S. light crude added 16 cents, or 0.22 percent, to $71.85 a barrel.
Trump's election initially triggered a contract sell-off that saw oil prices fall by more than $2 as the US dollar rose to its highest level since September 2022. However, the losses later tapered off.
Donald Trump is expected to reimpose a “maximum pressure policy” through sanctions on Iranian oil. This could reduce supply by up to 1 million barrels per day, Energy Aspect estimates, although analysts warn it will be difficult to stem the flow of Iranian oil to China.
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