Oil prices rose slightly on Thursday after a wave of selling sparked by the US presidential election:il prices rose slightly on Thursday after a wave of selling sparked by the US presidential election, as risks to oil supplies due to the election of Donald Trump and Hurricane Rafael outweighed the strength of the dollar and high inventories. Brent crude futures rose 26 cents, or 0.35 %, to $75.18 a barrel, and US West Texas Intermediate crude rose 16 cents, or 0.22 %, to $71.85. According to National Iraqi News Agency, Trump's election initially sparked a sell-off that sent oil prices down more than $2, with the dollar hitting its highest level since September 2022. Hurricane Rafael intensified into a Category 3 storm in North America on Wednesday, shutting down about 17 % of crude oil production, or 304,418 barrels per day, in the U.S. Gulf of Mexico. The U.S. Energy Information Administration said on Tuesday that U.S. crude inventories rose by 2.1 million barrels to 427.7 million in the week to Nov. 1, co mpared with expectations for a 1.1 million barrel increase.
