Oil edges down as investors await US midterm election results
Vote counting was underway in the US midterm elections, which will determine whether Trump’s Republican Party retains control of Congress for the rest of his second term.
BEIJING – Oil prices slipped in early trade on Nov 4 as investors awaited the results of the US midterm elections and their potential impact on peace talks in the Middle East, even after industry data showed US crude stocks unexpectedly fell last week.
Brent futures fell 26 US cents, or 0.25%, to US$103.34 a barrel by 9.57am Singapore time. US West Texas Intermediate crude futures fell 53 US cents, or 0.55%, to US$95.56.
In the previous session, Brent eased more than 1% to its lowest level in nearly four weeks as traders weighed talks to end the wars in Ukraine and Iran.
Vote counting was underway in the US midterm elections, which will determine whether Trump’s Republican Party retains control of Congress for the rest of his second term.
Markets remained on watch for any progress in talks to end the US-Israeli war with Iran, as Qatar stepped up mediation efforts to avert an escalation of attacks after the US midterm elections.
A senior Iranian official told Reuters on Nov 3 that Iran and the United States remain far from a deal to end their war.
The United States carried out “defensive” strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Nov 3. Another official said the strikes appeared limited and did not signal a return to major combat operations.
US President Donald Trump told the Financial Times on Nov 3 that the United States had no immediate plans to strike Iran.
“We seem to be getting everything we want,” Trump said in the six-minute telephone interview.
Meanwhile, crude stocks fell by 5.27 million barrels in the week ended Oct 30, market sources said on Nov 4, citing data from the American Petroleum Institute.
Eight analysts polled by Reuters had expected, on average, a rise of about 880,000 barrels in crude inventories.
Original Headline
Oil edges down as investors await US midterm election results