Adding to the two previous sessions of losses, crude oil prices have gone into freefall on Wednesday, losing the geopolitical risk premium as a comfortable victory for the Democrat party in the U.S. midterm elections eased concerns of renewed U.S.-Iran escalation.
WTI Crude Oil for December delivery was last seen trading down by $8.39 (or 8.73%) at $87.70 per barrel.
Today, the results for the U.S. midterm elections which were held yesterday revealed a landslide for Democrat party, with the party capturing majorities in both the Senate and the House of Representatives.
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Market Analysis
Crude Oil Nosedives As War Concerns Fade After Republicans Lose U.S. Midterm Elections
2026-11-04 19:37:40
