London November 7 2024: Oil slipped on Thursday, extending a sell-off triggered by the U.S. presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael.
Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar rallied. But crude prices later pared losses to settle at a less than 1% decline by the end of Wednesday’s session.
Brent crude oil futures fell 48 cents, or 0.6%, to $74.44 a barrel by 1040 GMT on Thursday. U.S. West Texas Intermediate (WTI) crude slipped 61 cents, or 0.9%, to $71.08.
Downside factors include a strong dollar and sluggish demand, while upside pressures come from potentially increased sanctions on Iran and Venezuela under Trump, as well as conflict in the Middle East, said Saxo Bank analyst Ole Hansen.
