Nervous Investors Dump Oil

Global oil prices declined rapidly at the start of trading today. Anxious investors are currently dumping energy contracts. They are waiting for the final results of the US midterm elections. Ongoing mediation efforts in the Middle East also heavily impact the markets. Brent crude futures fell 26 cents to exactly $103.34 a barrel. U.S. West Texas Intermediate crude dropped 53 cents to $95.56.

Ignoring Inventory Data

Traders completely ignored an unexpected drop in American oil inventories. U.S. crude oil stocks actually fell by 5.27 million barrels last week. Financial analysts originally expected a massive increase of 880,000 barrels instead. Gasoline inventories rose slightly, while distillate stockpiles fell by 1.19 million barrels. Markets care more about who controls the US Congress right now. The Republicans want to retain strict control during Donald Trump's second term.