Oil prices drop after Democrats win US midterm elections

annahar.com (Arabic) —

Oil prices fell on Wednesday after Democrats won majorities in both the US House and Senate in the midterm elections, a political setback for President Donald Trump. Brent crude dropped 1.25 percent to $102.31 per barrel, while West Texas Intermediate fell 0.74 percent to $95.38. Brent has lost over 13 percent since the start of the week amid renewed market optimism over diplomatic contacts in the Middle East. Trump acknowledged Iran was a factor in Republican losses, attributing it more to rising oil prices than the war itself. On Tuesday, oil prices had already declined after Trump announced an agreement with Israeli Prime Minister Benjamin Netanyahu to end US military aid to Israel by year's end.


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