Oil prices decline
Istanbul, November 5 (Hibya) - Global oil prices continued to decline as expectations of a possible diplomatic solution between the United States and Iran strengthened following the US midterm elections. Brent crude fell to $93.82, while West Texas Intermediate (WTI) crude declined to $86.92.
Brent crude futures fell 0.85 percent to $93.82 per barrel, while WTI crude futures declined 1.36 percent to trade at $86.92. Both benchmarks had lost more than 8 percent in the previous trading session, reaching their lowest closing levels since August 31.
The decline in oil prices was driven by expectations that Donald Trump's administration could pursue negotiations to end the war with Iran following Republican losses in Congress during the US midterm elections. A potential diplomatic resolution is expected to ease concerns over oil supplies from the Middle East.
Meanwhile, the global oil market is closely monitoring the supply outlook and the flow of shipments through the Strait of Hormuz. Declining crude oil and fuel inventories in the United States, along with demand reaching its highest level in a year, are among the factors that could limit further price declines.
Usa News Agency
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