Oil Fund Rises 0.83% as Fuel Shortage Persists | Oil, Nov 3
The US oil fund rose 0.83% to US$158.17 as the Iran war keeps fuel tight and US stocks fall. What it means for Latin America's oil producers. The post Oil Fund Rises 0.83% as Fuel Shortage Persists | Oil, Nov 3 appeared first on The Rio Times .
Oil prices rose slightly on Tuesday, November 3, 2026, after a recent decline. The primary driver was a fuel shortage, as the Middle East's refining capacity was affected by the war on Iran. As a result, Asia paid pre-war levels for crude but faced challenges in obtaining diesel and petrol. This scarcity benefited oil producers in Latin America, such as Colombia and Argentina, while Brazil's Petrobras saw a drop in value.
The main takeaway was that oil prices are high due to a lack of refined fuel, which is not keeping pace with crude shipments. The fund tracking US crude climbed 0.83% to $158.17, marking its first gain after a brief decline. However, the price remains 6.7% below its peak of $169.53 on October 23. The market's outlook was medium-confidence, as the recent move was modest and influenced by factors like the dollar and bond yields.
Latin American oil stocks had varied reactions, with Colombia's Ecopetrol and Argentina's YPF up by 2.29% and 2.19%, respectively, while Brazil's Petrobras fell 0.38%. The situation highlighted that while crude prices were rising, the price of finished fuel remained low due to the ongoing fuel shortage.
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