Futures Movers: Oil volatile as traders cast a wary eye on OPEC and the U.S. election

Oil turned higher in volatile trading Tuesday, with continued skepticism over OPEC’s plan to curb output hampering price gains for crude futures as the U.S. votes for its next president.

December West Texas Intermediate crude CLZ6, +0.16% edged up by 22 cents, or 0.5%, to $45.11 a barrel on the New York Mercantile Exchange, after tapping a low at $44.41. Prices gained 1.9% on Monday after posting declines for six sessions in a row. January Brent crude on London’s ICE Futures exchange LCOJ7, +0.21% added 14 cents, or 0.3%, to $46.29 a barrel.

“I continue to expect OPEC speculation and technical support and resistance levels to drive the direction of oil regardless of who is the victor in the presidential race,” said Troy Vincent, oil analyst at ClipperData.

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