In the early morning of the 1st Beijing time, US WTI crude oil futures closed higher on Thursday. As the US presidential election date approaches, investors are evaluating the prospects for a strong increase in US fuel demand and the possibility that the Organization of Petroleum Exporting Countries and its allies (OPEC+) may delay the December production increase plan.

The price of West Texas Intermediate Crude Oil (WTI) futures for December delivery on the New York Mercantile Exchange rose 65 cents, or about 0.95%, to close at $69.26 a barrel. The futures increased cumulatively by about 2.2% in October.

Brent crude oil futures for December delivery on the European Intercontinental Exchange rose 61 cents, or 0.84%, to close at $73.16 a barrel.

Traders are awaiting the results of the US presidential election next Tuesday and are anxious to see who will win and its potential impact on the oil market.

“The market is trying to figure out the impact of the Harris or Trump administration on oil production, sanctions, and prices,” said Andrew Lipow, president of Lipow Oil Associates.

He believes that unless the situation in the Middle East changes significantly in the next five days, crude oil market transactions may remain calm because investors are unwilling to take any major action until the election results are revealed.

Furthermore, the US Energy Information Administration (EIA) reports that in the week ending October 25, the decline in US gasoline inventories exceeded expectations and reached a two-year low. Crude oil inventories also fell unexpectedly due to falling imports.