Oil slips as markets await US midterm results and Middle East peace talks

Oil prices slipped in early Asian trade on Wednesday as investors awaited US midterm election results and their potential impact on Middle East peace talks, despite an unexpected draw in US crude stockpiles. Brent futures fell 26 cents to $103.34 a barrel, while US West Texas Intermediate crude dropped 53 cents to $95.56. The decline followed a previous session where Brent eased over 1 percent to a near four-week low, as traders weighed talks to end conflicts in Ukraine and Iran. Vote counting was underway in the midterms, which will determine if President Trump's Republican Party retains Congress control, while Qatar stepped up mediation efforts to avert escalation after the elections. A senior Iranian official said Iran and the US remain far from a deal, though US strikes on Iran's Qeshm island appeared limited. Crude stocks fell by 5.27 million barrels last week, against analyst expectations for a rise, with gasoline inventories up and distillates down. Official data is due later Wednesday.