SINGAPORE: Oil prices ticked up on Thursday following a sell-off triggered by the US presidential election, as risks to oil supply from a Trump presidency and a hurricane building in the Gulf Coast outweighed a stronger dollar and lower crude imports in top importer China.

Brent crude oil futures were up 29 cents, or 0.39 percent, at $75.21 per barrel by 10:00 a.m. Saudi time. US West Texas Intermediate crude gained 18 cents or 0.25 percent to $71.87.

Concerns around a Trump presidency squeezing oil supply from Iran and Venezuela as well as an approaching storm “more than offset the post-election impact of a stronger US dollar and ... higher-than-expected US inventories,” Tony Sycamore, a market analyst with IG, wrote in a note.

Trump’s election had initially triggered a sell-off that pushed oil prices down by more than $2 as the US dollar rose to its highest level since September 2022. But the front-month contracts pared losses to settle down 61 cents for Brent and 30 cents for WTI by the end of the Wednesday session.

“Historically, Trump’s policies have been pro-business, which likely supports overall economic growth and increases demand for fuel. However, any interference in the Fed’s easing policies could lead to further challenges for the oil market,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“With the bumper surge in the dollar hovering at near 4-month highs, oil seems to be talking massive headwinds in the aftermath of the US election results.”

The upside to oil markets may be limited to the short to medium term as OPEC is expected to increase supply capacity in January, while historical trends do not suggest sanctions will prevent India and China from continuing to purchase oil from Russia or Iran, Sachdeva said.

Crude oil imports in China, the world’s largest crude importer, fell 9 percent in October, posting a sixth consecutive monthly year-on-year decline as a plant closure at a state oil refinery adds to weaker demand from independent refiners, data showed on Thursday.

Donald Trump is expected to reimpose his “maximum pressure policy” of sanctions on Iranian oil. That could cut supply by as much as 1 million barrels per day, according to an Energy Aspect estimate.

Trump in his first term had also put in place harsher sanctions on Venezuelan oil, measures that were briefly rolled back by the Biden administration but later reinstated.

In North America, Hurricane Rafael intensified into a category 3 hurricane on Wednesday, and about 17 percent of crude oil production or 304,418 barrels per day in the US Gulf of Mexico had been shut in response, the US Bureau of Safety and Environmental Enforcement said.

US crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending on Nov. 1, the US Energy Information Administration said on Wednesday, compared with expectations for a 1.1 million-barrel rise.

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 78.41 points or 0.65 percent to close at 12,093.35 on Wednesday. 

The total trading turnover of the benchmark index was SR7.57 billion ($2.02 billion), with 168 of the listed stocks advancing and 60 declining. 

The Kingdom’s parallel market Nomu also gained 22.06 points to close at 28,853.64, while the MSCI Tadawul Index edged up by 11.93 points to 1,519.76.

The best-performing stocks on the benchmark index were Al-Baha Investment and Development Co. and Tourism Enterprise Co., whose share prices surged by 10 percent and 6.32 percent, to SR0.33 and SR1.01, respectively. 

The worst performer of the day was Almunajem Foods Co. The firm’s share price edged down by 7.81 percent to SR106.20.

On the announcements front, Arabian Drilling Co. reported a net profit of SR251.24 million in the first nine months of this year, representing a 40.06 percent decline compared to the same period in 2023. 

In a Tadawul statement, the company attributed this net income decline to higher net finance expenses, as well as depreciation and amortization costs. Despite the net profit drop, Arabian Drilling Co.’s share prices did not change on Wednesday and remained at SR111.60.

Saudi Arabian Mining Co., also known as Ma’aden, announced that its net profit for the first nine months of this year reached SR2.97 billion, compared to a net loss of SR83.43 million in the same period in 2023. 

In a Tadawul statement, the mining firm attributed the rise in profit to higher sales prices and volumes, as well as lower depreciation expenses.

Maaden's share price edged up 4.07 percent to SR56.20.

Saudi Electricity Co. announced that its net profit for the first nine months of this year, after deducting the payments of the Mudaraba coupon, reached SR5.58 billion, marking a 21.3 percent rise compared to the same period in the previous year. 

SEC’s nine-month profit rose to SR12.1 billion before Mudaraba coupon payments, up from SR10.3 billion in the same period last year.

SEC’s share price surged by 6.28 percent to SR17.26 on Wednesday.

Saudi Industrial Development Co., which also announced its earnings report, said that it narrowed its net loss to SR20.07 million in the first nine months of this year, compared to a net loss of SR21.8 million in the year-ago period. 

SIDC’s share price edged down by 0.71 percent to SR27.90. 

Saudi Ground Services Co. reported a net profit of SR231.27 million in the first nine months of this year, representing a 54.33 percent year-on-year rise. 

In a Tadawul statement, the company attributed this rise in net profit to an increase in both domestic and international flight operations, especially during the Hajj and Umrah seasons. 

The share price of SGS did not witness any change on Wednesday, and the company closed the trading session at SR52.20.