Oil prices fall over 8pc

Crude benchmarks dropped more than 8 per cent on Wednesday, reaching their lowest closing levels since August 31, Business Recorder reported. Brent settled at USD94.62 a barrel, down USD8.98, while US West Texas Intermediate ended at USD88.12, a decline of USD7.97.

Investors weighed whether Democrats taking control of both chambers of Congress could make a US-Iran agreement more likely and reduce the risk of further military action. However, analysts cited in the report warned that a deal perceived as a defeat for President Donald Trump could also fuel fresh escalation, while a senior Iranian official said the two countries remained far from an agreement. Gulf exports of crude, condensate and refined products averaged 17.1 million barrels per day in October, below September’s 18.9 million.