Oil prices drifted lower on Wednesday, November 4, as market participants closely watched the vote counting in the U.S. midterm elections and monitored potential impact on peace talks in the in Middle East, offsetting industry data that revealed an unexpected fall in in U.S. crude stocks last week.
Brent futures fell 0.67 percent, to $102.90 per barrel by 10.15 am. US West Texas Intermediate crude futures fell or 0.93 percent to $95.21.
In the previous session, Brent eased more than 1 percent to its lowest level in nearly four weeks as traders weighed talks to end the wars in Ukraine and Iran.
Counting of votes are currently underway in the US midterm elections to decide whether President Donald Trump’s Republican Party retains its Congressional majority for the rest of his second term.
Energy markets also remained focused on diplomatic progress to resolve the U.S.-Israeli conflict with Iran, with Qatar intensifying mediation efforts to avert potential military escalation following the US midterm elections.