Oil Price Today (November 4): Crude oil falls below $104 ahead of US midterm elections outcome. What are analysts saying?
Crude oil price : Oil prices experienced a slight dip on Wednesday as traders kept a close eye on the US midterm elections. Brent crude futures fell to $103.21 per barrel, with US WTI crude also seeing a decrease to $95.42. Despite an unexpected drop in US crude inventories, the unpredictable situation in the Middle East continues to influence market sentiments.
On November 4, crude oil prices fell below $104, dropping sharply ahead of the US midterm elections. Analysts are closely watching the outcome of these elections for their potential impact on Middle East peace talks and oil supply. Despite an unexpected decrease in US crude inventories last week, oil prices still declined, with Brent crude futures falling 40 cents to $103.21 per barrel and US West Texas Intermediate (WTI) crude futures slipping 67 cents to $95.42 per barrel.
The decline comes as investors monitor developments in efforts to end conflicts in Ukraine, Iran, and between the US and Iran. Goldman Sachs has revised its oil price forecasts upward, predicting Brent crude could reach $140 per barrel by 2027 if Gulf oil production stays below its 2025 average.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
