Crude Awakening: Benchmark Oil Prices Plummet on Wednesday Morning
- 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...
- 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.
- 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.
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.