Oil prices dip as investors await US midterm results
Politics · First reported 4 Nov, 02:10 · Updated 02:55
Oil prices edged lower in early Wednesday trading as markets watched US midterm results and developments in US-Iran talks. A reported fall in US crude inventories offered support, while official inventory figures were due later that day.
- Brent fell 26 cents to $103.34 a barrel, while US West Texas Intermediate fell 53 cents to $95.56 by 0157 GMT.
- Investors were watching US midterm results and the potential effect on Middle East peace talks; a senior Iranian official said the United States and Iran remained far from a deal.
- Industry data cited by market sources showed US crude stocks fell by 5.27 million barrels, against analysts’ average expectation of an increase; official US inventory data was scheduled for later Wednesday.
Summary written by Lux AI from 2 articles
Key facts
- Brent
- $103.34 a barrel, down 26 cents by 0157 GMT.
- US WTI
- $95.56 a barrel, down 53 cents by 0157 GMT.
- US crude stocks
- Reported down 5.27 million barrels for the week ended October 30.
- Official inventory data
- The US Energy Information Administration data was due at 10:30 a.m. EST (1530 GMT) Wednesday.
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Background
- An earlier Lux story reported that US astronauts cast ballots in the midterm election while aboard the International Space Station. [7c0deb5c-6c1a-42e8-8eaf-b2867871ced3]
- An earlier Lux story described early Democratic Senate gains while noting that control of Congress remained unresolved in the coverage. [77e3a2c3-59ab-47b0-a598-d6dfbaa8ad79]
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- Government 50% (1)
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