Oil Prices Shaky As U.S. Go Through Midterm Elections

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Oil prices lowered yesterday in Europe as the United States counted votes in the midterm elections, which turned closely contested as expected.

Reports say the race for the House was too close to call, too, compared to expectations that the Republicans would not struggle to take control of the House.

An NBC News Exit Poll said a third of voters who spoke to newsmen pointed at inflation as the single most important issue influencing their decision on how to vote.

Also Read: Biden Presents 3-Step Plan To Reverse Rising Oil Prices

A total of 31% named inflation as the one issue that mattered most in their decision, followed by 27% who said abortion rights were their top issue the poll said.

While Senate and House control were still hanging in the balance as of early morning in Europe, Brent prices were slightly down, by 0.02% at $95.33, and prices were trading at $88.78, down by 0.19%.

Oil prices paired earlier losses, which were driven by a large build of 5.618 million barrels for last week reported late on Tuesday by the American Petroleum Institute (API). The build in crude oil inventories was partially due to the Department of Energy’s release of 3.6 million barrels from the Strategic Petroleum Reserves in the week ending November 4, leaving the SPR with 396.2 million barrels.

Also Read: Morgan Stanley Predicts Global Oil Prices Hitting $100pb Next Quarter

“Definitely not a Republican wave, that is for darn sure,” Carolina Republican Senator Lindsey Graham told NBC News. “A wave would have been like [winning] New Hampshire and Colorado.”
In the battleground state of Pennsylvania, NBC News projects that Democrat John Fetterman won the Senate race, beating Republican TV doctor Mehmet Oz and flipping a seat to the Democrats.

But NBC News also projects that Republican J.D. Vance defeated Democrat Tim Ryan in Ohio’s Senate race. The Senate is currently divided 50-50 with U.S. Vice President Kamala Harris having the tie-breaker vote.


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