Oil prices remain largely steady amid US election uncertainty

Oil benchmarks were higher in Wednesday trading, even as investors weighed uncertainty around the US midterm elections and peace efforts in the Middle East. Mettis Global reported Brent at $105.86 a barrel, up 1.04%, while West Texas Intermediate rose $1.01, or 0.97%, to $97.43 by 10:00 am PST.

The gains followed a session in which Brent lost more than 1% and reached its lowest level in nearly four weeks, as traders tracked diplomatic efforts concerning Ukraine and Iran. Supply data offered support: US crude inventories fell by 5.27 million barrels in the week to October 30, while gasoline stocks climbed by 1.43 million barrels and distillate inventories dropped by 1.19 million barrels.

Market participants were awaiting official US inventory figures from the Energy Information Administration, due at 10:30 a.m. Eastern Time on Wednesday. Haitong Futures said the crude and diesel stock declines were supportive, although the increase in gasoline inventories presented a countervailing signal.