Oil prices declined on Wednesday, November 4, as investors kept a close eye on the U.S. midterm election results and developments in the Middle East. Brent crude futures dropped 0.67 percent to $102.90 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.93 percent to $95.21.
The downward trend came despite an unexpected decrease in U.S. crude stocks, which fell by 5.27 million barrels last week. This decline in inventories typically supports higher prices, but market sentiment was overshadowed by political and geopolitical uncertainties.
In the previous session, Brent crude had eased more than 1 percent to its lowest level in nearly four weeks, as traders weighed talks aimed at ending the wars in Ukraine and Iran. The ongoing vote counting in the U.S. midterm elections is also influencing market behavior, with investors assessing the potential impact on energy policies if President Donald Trump’s Republican Party retains its Congressional majority.