Brent fell 26 cents, or 0.25%, to $103.34 a barrel, while U.S. WTI fell 53 cents, or 0.55%, to $95.56 as investors awaited midterm results and developments in Middle East peace talks. Industry data showed U.S. crude stocks fell 5.27 million barrels last week, against analysts’ expectations for an increase.
Brent futures fell 26 cents, or 0.25%, to $103.34 a barrel, and U.S. West Texas Intermediate futures declined 53 cents, or 0.55%, to $95.56 in early trade. In the previous session, Brent fell more than 1% to its lowest level in nearly four weeks.
Investors awaited U.S. midterm election results and their potential impact on Middle East peace talks. Qatar stepped up mediation efforts to avert an escalation of attacks after the elections, while a senior Iranian official said Iran and the United States remained far from a deal to end their war. U.S. President Donald Trump said the United States had no immediate plans to strike Iran.
U.S. crude stocks fell 5.27 million barrels in the week ended October 30, according to industry data cited by market sources; eight analysts had expected an average increase of about 880,000 barrels. Gasoline stocks rose 1.43 million barrels, while distillate inventories fell 1.19 million barrels. Official U.S. inventory data was due Wednesday.
