Oil trims gains at close but hits 2-week high

Oil drilling rigs

Oil closed positive for the fifth straight session on Nov. 5, hitting its highest level in two weeks, as dollar declined and amid optimistic outlook on supply and demand. Brent crude futures for January delivery increased by 0.60%, or 45 cents, to close at $75.53 a barrel on Nov. 5. However, the prices were down for the intra-day high of $76.24.

WTI crude futures for December delivery rose by 0.70%, or 52 cents, to $71.99 a barrel, after touching $72.67 during the session.

The dollar index, which measures its value against a basket of major currencies, fell 0.45% to 103.44 points, at 11:38 pm Makkah time.

Brent crude prices rose 2.7% on Nov. 4 after the OPEC+ agreed to postpone rolling back a part of its voluntary production cuts for one month. The alliance said in a statement that the voluntary cuts package would remain in effect until the end of December. Earlier, the supplies were set to increase by 180,000 barrels per day in December.

Today's oil gains come amid uncertainty over the US presidential election, fears of deepening unrest in the Middle East, reports of a possible Iranian attack on Israel, and heightened tensions between politicians in Israel.