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Oil Slips in Early Trade
Oil prices fell for a fourth consecutive day on Thursday. Brent crude dropped 97 cents (1.03%) to $93.65 a barrel, while West Texas Intermediate fell $1.14 (1.29%) to $86.98. The decline came amid expectations that Republican losses in the congressional elections could reduce the likelihood of an escalation in the war with Iran, alongside the oil market returning to a surplus of 1.1 million barrels per day in September and 1.4 million in October. Analysts cautioned, however, that the decline may not last, given geopolitical risks and commercial oil inventories nearing their lowest levels in 15 years.
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