Oil slips as markets eye US midterm results and Iran talks

Oil prices fell in early trading Wednesday as investors awaited US midterm election results and their potential impact on Middle East peace talks, despite an unexpected drop in US crude stocks. Brent futures declined 26 cents to $103.34 a barrel, while West Texas Intermediate fell 53 cents to $95.56. Vote counting continued in the midterm elections, which will determine if the Republican Party retains control of Congress. Markets monitored progress in talks to end the US-Israeli war with Iran, with Qatar stepping up mediation efforts. A senior Iranian official said Tuesday that Iran and the US remain far from a deal, though US President Donald Trump stated no immediate plans to strike Iran. Crude stocks fell by 5.27 million barrels in the week ended October 30, according to the American Petroleum Institute, against analyst expectations of a rise. Gasoline stocks increased by 1.43 million barrels, while distillate inventories declined. Official data from the US Energy Information Administration is due later Wednesday.