Oil falls on Iran war uncertainty, US Democrats' midterm sweep

Oil prices moved lower on Wednesday as traders assessed the uncertain course of the US-Israeli conflict with Iran and its political fallout in Washington, Business Recorder reported. At 1034 GMT, Brent was down $1.75, or 0.7%, at $101.85 a barrel, while US West Texas Intermediate slipped $1.18, or 1.2%, to $94.91.

Prices had swung in both directions earlier in the session. Traders were also watching mediation efforts and the prospects for an agreement, while October crude, condensate and refined-product flows averaged 17.1 million barrels per day, below September’s 18.9 million. Separately, US crude inventories declined by 5.27 million barrels in the week to October 30, according to market sources citing API data, against analysts’ average forecast for an increase of about 880,000 barrels.