Oil edges down as investors await US midterm election results
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Oil prices decreased due to investor caution ahead of the US midterm elections and ongoing peace negotiations. Brent futures and West Texas Intermediate crude both saw declines despite an unexpected drop in US crude stocks. Vote counting for the midterm elections continues, which may influence the Republican party's control of Congress. Peace talks in the Middle East were also impacted, especially involving the US and Iran.
Oil prices slipped in early trade on Wednesday 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 cents, or 0.25%, to $103.34 a barrel by 0157 GMT. US West Texas Intermediate crude futures fell 53 cents, or 0.55%, to $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.
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A senior Iranian official told Reuters on Tuesday 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 Tuesday. 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 Tuesday 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 October 30, market sources said on Wednesday, 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.
Gasoline stocks rose by 1.43 million barrels, while distillate inventories fell by 1.19 million barrels from a week earlier, the sources said.
"Diesel inventories remain tight, while gasoline stocks rose more than expected. The data are broadly supportive of oil prices," Haitong Futures said in a note on Wednesday.
Official data from the US Energy Information Administration is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
