Oil Prices Dip After Mid-Term ‍Presidential Election

Benchmark oil ⁢prices experienced a decline⁢ on Wednesday morning, following significant​ gains the previous day, as the market assessed the outcome of ‍the mid-term presidential election ‍and⁣ unofficial data on US ‍inventories.

January Brent futures on the London ICE Futures exchange were valued at $74.57 per​ barrel,⁤ a decrease of $0.96 from the previous trading session’s close. Notably, these contracts had risen by $0.45 to $75.53 a barrel on Tuesday, with prices briefly⁢ surpassing $76 a barrel for the first time since October 24.

Meanwhile,‌ the price of WTI‍ oil futures for December⁤ on ​the ​New​ York Mercantile Exchange (NYMEX) fell by $0.86 in morning electronic trading, reaching ‌$71.13 a barrel. This decline followed a $0.51 increase at the end of the previous session, which⁢ had pushed the cost of these contracts to a two-week high of $71.99 per ⁢barrel.