Oil Prices Poised for 12% Weekly Drop After US Midterms, Amid Hormuz Tensions
Brent and U. S. West Texas Intermediate crude were on track for a 12% weekly decline as market optimism grew after the U. S. midterm elections, while recent tanker incidents in the Strait of Hormuz kept a price floor in place, OilPrice. com reported. Earlier in the week, Brent rose about 4% to $98. 38 a barrel after Democrats secured control of Congress, and the following day the benchmarks partially recovered from mid-week losses as traders reassessed the elections’ impact on the Iran conflict, OilPrice.
com said. Global News noted that the sharp drop following the Democratic victories could ease gasoline prices in Canada. OilPrice. com also observed that the declines were linked to expectations of shifts in U. S. energy and foreign policy. Livemint reported that the midterm outcomes prompted crude price swings and a modest rise in the Indian rupee.
