Oil Prices Drop Below $95 After US Midterm Election Shifts Power

Oil prices fell 9% on Wednesday, with Brent dropping to $94.29 a barrel, its lowest level since September 4, after President Donald Trump's Republican Party lost control of Congress in midterm elections. Traders weighed Trump's statement that the US has no immediate plans to strike Iran, while Democratic control of Congress could tighten US military spending in the Middle East and heighten the possibility of a peace deal. Brent settled the previous session at its lowest level in nearly four weeks amid talks to end wars in Ukraine and Iran. Qatar stepped up mediation efforts to avert escalation, though a senior Iranian official said Iran and the US remain far from a deal. Gulf crude exports averaged 17.1 million barrels per day in October, down from 18.9 million in September, while US crude inventories fell by 865,000 barrels last week.