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Oil prices surge as OPEC+ delays output increase amid US elections
ISTANBUL – Oil prices increased on Monday following a decision by OPEC+ countries to extend production cuts and delay output increases, with additional support from anticipation around the upcoming US presidential elections.
The international oil benchmark, Brent crude, increased 2.2 percent to USD74.42 per barrel at 11.28 am local time (0828GMT), up from the previous session's close of USD72.84.
The US benchmark, West Texas Intermediate, also rose by 2.4 percent to USD70.77 per barrel, compared to USD69.10 at the prior session's close.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, announced on Sunday a decision to continue production cuts of 2.2 million barrels per day through December.
The group was expected to increase production by 180,000 barrels daily from December. The reduction in oil supply by major producers supported prices upwards.
Moreover, the dollar index declined ahead of the Nov. 5 presidential elections in the US, the world's largest oil-consuming country. The weakening of the US dollar against other major currencies contributed to higher oil prices.
The weaker dollar is likely to drive up demand by making oil more affordable for buyers using other currencies. The US dollar index, which tracks the dollar's value against a basket of other currencies, dropped 0.54 percent to 103.637.
According to the latest polls, former US President and Republican candidate Donald Trump and Democratic candidate Kamala Harris are in a tight race.
Meanwhile, market players are also monitoring the US Federal Reserve's (Fed) interest rate decision scheduled on Thursday.
According to the analysts, the expectations for the Fed's interest rate cuts remain strong, while pricing in the money markets is certain that the bank will cut the policy rate by 25 basis points at next week's meeting. A December Fed rate cut is heavily implied, with a 78 percent probability priced into the market.
Reports that Iran is preparing to retaliate for the Oct. 26 Israeli attack continue to fuel oil prices.
Israeli media reported that Iran was "preparing for a major retaliation from Iraq within a few days" in response to Tel Aviv's latest attack. (Anadolu)
SCC News
Signal no. 1 up in parts of N. Luzon as 'Marce' intensifies
MANILA – Severe Tropical Storm (STS) Marce (international name Yinxing) further intensified and is nearing the typhoon category, the weather bureau said Tuesday.
It packs maximum sustained winds of 110 kilometers per hour (kph) near the center and gustiness of up to 135 kph.
The STS was located 735 km. east of Baler, Aurora as of 4 a.m.
Tropical cyclone wind signal no. 1 is hoisted over Batanes, Cagayan including Babuyan Islands, the northern and eastern portions of Isabela (Maconacon, San Pablo, Palanan, Dinapigue, Santa Maria, Cabagan, Tumauini, Santo Tomas, Ilagan City, Divilacan, San Mariano), the northern portion of Apayao (Santa Marcela, Luna, Calanasan, Flora, Pudtol), and the northern portion of Ilocos Norte (Pagudpud, Dumalneg, Adams, Bangui, Burgos, Pasuquin, Vintar). Strong winds will prevail in these areas.
Minimal to minor impacts from strong winds are possible within any areas under Wind Signal No. 1.
The highest Wind Signal that may be hoisted during the occurrence of MARCE is Wind Signal No. 4.
Due to the northeasterly wind flow, strong to gale-force gusts will also prevail across Ilocos Sur, Aurora, Quezon, and Camarines Norte.
A gale warning is hoisted over northern and eastern seaboards of Northern Luzon.
Sea travel is risky for all types or tonnage of vessels, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) forecaster said.
Meanwhile, scattered rain showers and thunderstorms will be experienced over Cagayan Valley, Apayao, Kalinga, Quezon, and Bicol Region.
Moderate to heavy rains in those areas could result in flash floods or landslides.
Marce could make landfall in the vicinity of Babuyan Islands or over the northern portion of mainland Cagayan on Thursday night or Friday.
However, the forecast track may still change and bring the landfall point to the mainland Cagayan-Isabela area.
The cyclone is forecast to exit the Philippine Area of Responsibility (PAR) on Friday night or Saturday, PAGASA said. (PNA)
CHED Corner
