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International crude oil prices rebounded slightly after a sharp decline, driven by the defeat of Donald Trump's Republican Party in the US midterm elections and uncertainties surrounding the situation in Iran.
Influenced by the defeat of Donald Trump’s Republican Party in the U.S. midterms and uncertainty surrounding the situation in Iran, international crude oil prices rebounded slightly following a sharp decline. As of 09:00 GMT, Brent crude futures rose 78 cents, or 0.8%, to $95.40 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 11 cents, or 0.1%, to $88.23 a barrel. Oil prices had previously plunged on Wednesday in the wake of the election results. UBS commodity analyst Giovanni Staunovo noted that the unresolved situation in the Middle East is the driving factor behind the current modest rebound in oil prices.
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