Oil edges down as investors await US midterm election results

Oil prices moved lower in early Wednesday trading as markets awaited US midterm election results and assessed their possible implications for Middle East peace efforts, Business Recorder reported. Brent was down 26 cents, or 0.25%, at $103.34 a barrel, while US West Texas Intermediate lost 53 cents, or 0.55%, to $95.56.

The decline came despite industry figures showing US crude inventories dropped by 5.27 million barrels in the week to October 30, against analysts’ average forecast of an 880,000-barrel increase. Gasoline stocks gained 1.43 million barrels, while distillate inventories decreased by 1.19 million barrels. Traders were also tracking diplomatic efforts related to the Iran conflict, with official US inventory figures due later on Wednesday.