# Oil prices edge up on Gulf of Mexico storm ahead of US election results

> Oil rose about 1% on Tuesday as a Gulf of Mexico storm was expected to cut US output. Brent settled at $75.53 and WTI at $71.99.

- Date: 2024-11-05 · published 2024-11-05T12:00:00.000Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/27566-oil-prices-edge-up-on-gulf-of-mexico-storm-ahead-of-us-election-results
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected storm-related supply cuts in the Gulf support crude prices, which feed into diesel and energy costs for feed producers and farmers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-09-12 | [Oil rises 2% as storm batters US Gulf of Mexico production](https://feedsoft.ai/events/10166-oil-rises-2-as-storm-batters-us-gulf-of-mexico-production.md) | +5.1% | +9.0% |
| BRENT | 2020-09-15 | [Oil jumps nearly 3% as Gulf Coast storm forces output cuts](https://feedsoft.ai/events/51283-oil-jumps-nearly-3-as-gulf-coast-storm-forces-output-cuts.md) | +4.6% | +5.2% |
| BRENT | 2021-02-15 | [Oil hits pandemic high as winter storm pushes demand and poses production risk](https://feedsoft.ai/events/48835-oil-hits-pandemic-high-as-winter-storm-pushes-demand-and-poses-production-risk.md) | +0.7% | +10.6% |
| BRENT | 2026-01-16 | [Oil prices rise as supply risk remain in focus](https://feedsoft.ai/events/11394-oil-prices-rise-as-supply-risk-remain-in-focus.md) | -0.3% | +5.7% |
| BRENT | 2017-08-31 | [Global fuel prices rise as Harvey's effects ripple  beyond U.S. Gulf](https://feedsoft.ai/events/8391-global-fuel-prices-rise-as-harvey-s-effects-ripple-beyond-u-s-gulf.md) | +5.8% | +13.5% |
| WTI | 2024-09-12 | [Oil rises 2% as storm batters US Gulf of Mexico production](https://feedsoft.ai/events/10166-oil-rises-2-as-storm-batters-us-gulf-of-mexico-production.md) | +5.3% | +8.4% |
| WTI | 2019-07-11 | [Oil slips 0.4% on dim OPEC demand forecast after early jump on Gulf of Mexico storm](https://feedsoft.ai/events/58264-oil-slips-0-4-on-dim-opec-demand-forecast-after-early-jump-on-gulf-of-mexico.md) | -6.2% | -15.3% |
| WTI | 2018-10-10 | [Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output](https://feedsoft.ai/events/7404-hurricane-knocks-out-42-percent-of-u-s-gulf-of-mexico-oil-output.md) | -4.0% | -17.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-edges-down-ahead-us-election-china-npc-meeting-2024-11-05/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.