Brent crude futures fall 8.67% to $94.62 a barrel
West Texas Intermediate futures also fell, closing down 8.29% at $88.12 a barrel on 4 November as investors weighed US election results.
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On 4 November, Brent crude futures fell 8.67% to settle at $94.62 per barrel, while West Texas Intermediate futures fell 8.29% to close at $88.12 per barrel.
Both benchmark oil contracts settled sharply lower after Democrats won majorities in the US House and Senate in the midterm elections. Investors were weighing the results as oil prices fell, CNBC said.
| Benchmark | Change | Price per barrel |
|---|---|---|
| Brent | -8.67% | $94.62 |
| West Texas Intermediate | -8.29% | $88.12 |
Election and Iran expectations
JoAnne Bianco, an investment strategist at BondBloxx, said a stronger Treasury market made sense after the election. She said a more divided policy environment should make growth in the government deficit more difficult and could improve the fiscal outlook.
Bianco said there appeared to be no immediate move toward escalating tensions with Iran, which she expected to help contain energy prices and inflation pressures. She said attention would shift back to geopolitics and the health of the US economy.
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