Oil drops 9%, gold climbs 3% as Democratic election wins reshape market outlook

Oil prices fell sharply on Wednesday, with investors responding to the results of the US midterm elections and considering their impact on the conflict involving Iran, as well as the broader outlook for global energy supplies. Brent crude dropped 8.8% to $94.47 per barrel, while US West Texas Intermediate (WTI) futures fell 8.74% to $87.70. The decline pushed Brent below the $100 threshold, marking its lowest point since September 4. Investors evaluated the implications of the Democratic Party’s victories, which saw the party secure control of both houses of Congress.

Source: CoinTurk News