Oil Settles at Lowest Level Since Aug. 31 After U.S. Midterms

West Texas Intermediate (WTI) and Brent crude both settled at their lowest levels since Aug. 31 on Thursday, as markets weighed whether U.S. midterm results might open space for diplomacy involving Iran. The decline appeared to reflect a lower geopolitical risk premium. Democrats retained control of both chambers of Congress in the Nov. 3 elections, a result that could leave room for diplomatic efforts involving Iran. Before the vote, President Donald Trump said the United States would wait until after the elections to decide how to handle Iran, without giving a timetable or outlining a policy change. Trump's comments about how the United States would handle Iran after the vote left the next step unresolved. Upcoming oil forecast reports from the Energy Information Administration (EIA) could also shape market expectations.

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