Written by: Islam Al-Saqqa
Oil prices declined in global markets during early trading today, Wednesday, November 4, 2026, amidst investor anticipation of the results of the US midterm elections and their potential implications for peace talks in the Middle East, despite a larger-than-expected drop in US crude inventories last week.
Brent and West Texas Prices
Brent crude futures recorded a decline of 26 cents, or 0.25%, to reach $103.34 per barrel, while US West Texas Intermediate (WTI) crude futures declined by 53 cents, or 0.55%, to record $95.56 per barrel. Brent crude had ended the previous trading session down by more than 1%, recording its lowest levels in about 4 weeks.
Election and Talks Impact
Markets are awaiting the results of the US midterm elections to determine whether the Republican Party, led by President Donald Trump, will maintain control of Congress. Investors are also monitoring developments in talks aimed at ending the US-Israeli war with Iran, as Qatar intensifies its mediation efforts. A senior Iranian official said that Iran and the United States remain far from reaching an agreement, while Trump confirmed that the United States does not intend to launch strikes on Iran at this time.
US Inventory Data
Data from the American Petroleum Institute showed a decrease in crude oil inventories by 5.27 million barrels during the week ending October 30, contrary to analysts' expectations of an increase of 880,000 barrels. In contrast, gasoline inventories rose by 1.43 million barrels, while distillate inventories fell by 1.19 million barrels. Haitong Futures stated that the data generally supports oil prices. The US Energy Information Administration is scheduled to release its official data later today.
