08:42 AM EDT, 10/24/2024 (MT Newswires) -- Oil rose early on Thursday following yesterday's decline, settling into a tight range as rising U.S. inventories and robust supply are offset by violence in the Middle East and an uncertain outcome for the U.S. presidential election.

West Texas Intermediate crude oil for December delivery climbed US$0.47 to US$71.24 per barrel, while December Brent crude, the global benchmark, advanced US$0.47 to US$75.43.

Israel is continuing its wars against Iran-backed militant groups in Gaza and Lebanon, while Turkey responded to an apparent terror attack against a defense contractor it blamed on Kurdish militants by launching retaliatory airstrikes against targets in Iraq and Syria, the Guardian reported.

Traders are also remaining cautious as the Nov. 5 U.S. election approaches, with polls showing Kamala Harris and Donald Trump basically tied.

Those concerns are offset by rising U.S. inventories, with the Energy Information Administration on Wednesday reporting domestic inventories rose by a more-than-expected 5.5-million barrels while OPEC+ readies to return 2.2-million barrels per day to the market with monthly supply additions of 180,000 bpd beginning in December.

"Crude oil has settled into a nervous wait-and-see mode, with major two-sided risks keeping prices rangebound for now," Saxo Bank noted.