Oil Prices Fluctuate Amid OPEC+ Output Delay and U.S. Election Uncertainty

OPEC+ extends production cuts as markets face volatility from U.S. election and potential Gulf of Mexico storm impacts.

Oil prices saw a modest increase as OPEC+ announced a delay in planned output hikes, extending cuts through December.
The U.S. presidential election between Kamala Harris and Donald Trump is closely contested, adding to market uncertainty.
A storm in the Gulf of Mexico is predicted to impact oil production, potentially reducing output by 4 million barrels.
Analysts highlight that the OPEC+ decision aims to stabilize prices amid weak demand and increased non-OPEC supply.
Despite the cuts, OPEC remains optimistic about oil demand, countering market pessimism with a bullish outlook.