BEIJING — Global oil prices declined in early trading on Wednesday as investors awaited the outcome of the US midterm elections and assessed developments in efforts to ease tensions in the Middle East.
Brent crude futures fell 26 cents, or 0.25 per cent, to $103.34 a barrel. US West Texas Intermediate (WTI) crude dropped 53 cents, or 0.55 per cent, to $95.56.
Brent had already fallen by more than one per cent in the previous session, reaching its lowest level in nearly four weeks as traders monitored diplomatic efforts to end the conflicts in Ukraine and Iran.
Markets are also watching negotiations aimed at ending the US-Israeli war with Iran, with Qatar stepping up mediation efforts. Meanwhile, data from the American Petroleum Institute showed that US crude inventories fell unexpectedly by 5.27 million barrels in the week ending October 30, contrary to analysts' expectations of an increase.
Investors are expected to continue monitoring geopolitical developments and official US inventory figures for further indications of the direction of oil prices.
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