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Oil dips below $100
Oil prices fell below $100 a barrel on Wednesday after Democrats won majorities in both the House and Senate. Brent crude dropped 8.98% to $94.30 a barrel, while West Texas Intermediate fell 7.93% to $88.47. Brent has lost more than 20% since Friday’s close, as optimism grows over diplomatic contacts in the Middle East. Donald Trump said Iran was one factor behind the Republicans’ poor election results, adding that rising oil prices had a greater impact than the war itself. The election result does not directly change oil supplies, but it could affect the administration’s ability to pass its policies.
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