Oil futures fell more than $4 a barrel, with Brent down 4.3% to $99.07 and US crude down 4.3% to $92.02, as investors watched for progress toward ending the Iran war. A surprise 865,000-barrel drop in US crude inventories offered some support.
Oil prices fell more than $4 a barrel on Wednesday as investors awaited Washington's next move in the war with Iran after Democrats won control of both chambers of Congress in the midterm elections. At 11:19 a.m. ET, Brent was down $4.50, or 4.3%, to $99.07 a barrel, while US West Texas Intermediate was down $4.13, or 4.3%, to $92.02.
Markets watched for progress in talks to end the war, as Qatar stepped up mediation efforts. A senior Iranian official said Iran and the United States remained far from a deal. Gulf exports of crude, condensate and refined products averaged 17.1 million barrels per day in October, down from 18.9 million in September but still roughly three-quarters of pre-war levels.
The Energy Information Administration said US crude inventories fell by 865,000 barrels to 409.8 million in the week ended October 30, against analysts' expectations for a 877,000-barrel increase. Gasoline and distillate inventories also fell.
