Oil prices dip as markets watch US election and Iran talks

Oil prices slipped in early trading Wednesday as investors awaited US midterm election results and their potential impact on Middle East peace talks, despite industry data showing an unexpected drop in US crude stocks. Brent futures fell 26 cents to $103.34 a barrel, while US West Texas Intermediate crude fell 53 cents to $95.56. Vote counting was underway in the elections, which will determine if Trump's Republican Party retains control of Congress. Markets watched for progress in talks to end the US-Israeli war with Iran, as Qatar stepped up mediation efforts, though a senior Iranian official said the two countries remain far from a deal. US crude stocks fell by 5.27 million barrels in the week ended October 30, against analyst expectations for a rise of about 880,000 barrels. Gasoline stocks rose by 1.43 million barrels, while distillate inventories fell by 1.19 million barrels, with official data due later Wednesday.