Oil rises on Iran war uncertainty after Trump's Republicans are routed in midterms
USO•Brent rose 0.7% to $104.36 a barrel and U.S. WTI gained 0.7% to $96.72 as investors watched developments in the Iran war. U.S. crude inventories fell 5.27 million barrels, against analysts’ expectations for an increase of about 880,000 barrels.
1. Oil prices rise
Oil prices rose in a volatile session as investors awaited Washington’s next move in the US-Israeli war on Iran after Democrats captured control of Congress in the midterm elections. Brent gained 76 cents to $104.36 a barrel and WTI added 63 cents to $96.72, reversing earlier declines.
2. War uncertainty and inventories
Investors remained watchful for progress in talks to end the war. A senior Iranian official said Iran and the United States remain far from a deal, while President Donald Trump said the United States had no immediate plans to strike Iran. Crude stocks fell 5.27 million barrels in the week ended October 30, compared with analysts’ expectations for an increase of about 880,000 barrels; gasoline stocks rose 1.43 million barrels and distillate inventories fell 1.19 million barrels.
