[MARKET ANALYSIS] Oil prices continue to decline after the Democratic sweep reduces the likelihood of an extended US/Iran war
ORIGINAL · Newsquawk[MARKET ANALYSIS] Oil prices continue to decline after the Democratic sweep reduces the likelihood of an extended US/Iran warRead originalHide original
WTI/Brent: WTI Dec'26 -0.8% / Brent Jan'27 -0.7% Oil prices remain pressured after tumbling by more than 8% yesterday as the Democratic sweep reduced the likelihood of an extended US/Iran war, while some reports suggested uncertainty regarding Secretary of War Hegseth's future in the Trump administration, as it was noted that the House could vote as soon as next week to impeach him, while President Trump was said to be asking advisers whether Defence Secretary Hegseth should remain in his position following the Republicans' heavy losses in Tuesday's midterm elections, although Trump denied that he was considering replacing Hegseth. Gold: +1.6% Extends its post-Midterm rally and returned to above the USD 4,100/oz level amid dollar weakness, softer yields and the recent slump in oil prices. Copper: -0.3% Demand is subdued alongside the mixed risk appetite in Asia as the dust settles from the blue tsunami.
The November 5 report described lower oil and copper prices and higher gold, alongside political developments it associated with oil-market pressure.
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WTI/Brent: WTI Dec'26 -0.8% / Brent Jan'27 -0.7% Oil prices remain pressured after tumbling by more than 8% yesterday as the Democratic sweep reduced the likelihood of an extended US/Iran war, while some reports suggested uncertainty regarding Secretary of War Hegseth's future in the Trump administration, as it was noted that the House could vote as soon as next week to impeach him, while President Trump was said to be asking advisers whether Defence Secretary Hegseth should remain in his position following the Republicans' heavy losses in Tuesday's midterm elections, although Trump denied that he was considering replacing Hegseth. Gold: +1.6% Extends its post-Midterm rally and returned to above the USD 4,100/oz level amid dollar weakness, softer yields and the recent slump in oil prices. Copper: -0.3% Demand is subdued alongside the mixed risk appetite in Asia as the dust settles from the blue tsunami.
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