Crude oil price fall ahead of US midterm election outcome

On Wednesday morning, crude oil futures experienced a decline ahead of the US midterm election results. At 9:41 am, Brent oil futures were trading at $103.02, marking a 0.56 percent drop, while December crude oil futures on WTI (West Texas Intermediate) were at $95.26, falling by 0.86 percent. Meanwhile, November crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹9034, down by 0.77 percent from the previous close of ₹9104, and December futures were at ₹8955, down by 0.78 percent from the previous close of ₹9025.

At 10:01 am, Brent oil futures on WTI were down to $102.95, a 0.63 percent decrease, and December crude oil futures were at $95.31, declining by 0.81 percent. November MCX crude oil futures opened at ₹9028, down by 0.83 percent from the previous close of ₹9104, and December futures were at ₹8948, falling by 0.85 percent from the previous close of ₹9025.

Observers are closely monitoring the outcome of the US mid-term elections, set for Tuesday. Initial reports suggest Democrats may gain control of the House of Representatives, with several Republican seats in North Carolina and South Carolina falling to the Democrats. President Donald Trump, via a post on Truth Social, expressed disappointment, stating, "I wasn’t on the Ballot and if I was, we would have won IN A LANDSLIDE!"

In a separate development, the American Petroleum Institute (API) reported a 5.26 million barrel decline in US crude oil inventories for the week ending October 30. Meanwhile, November copper futures on MCX were at ₹1344.35, down by 1.54 percent from the previous close of ₹1365.40. On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts opened at ₹26550, up by 0.85 percent from the previous close of ₹26325, while December dhaniya futures were at ₹15648, down by 0.66 percent from the previous close of ₹15752.