Oil prices plunged more than 8% on Thursday after US President Donald Trump's Republican Party suffered a sweeping defeat in the midterm elections, with the Democrats securing control of both chambers of Congress.
\n\nThe election outcome triggered a sharp reaction in the oil market as investors assessed the potential implications of the political setback for Trump's economic and energy policies. The decline in crude prices also reflected concerns over the broader economic outlook and its potential impact on global oil demand.
\n\nUS benchmark West Texas Intermediate (WTI) crude futures fell $7.97, or 8.3 per cent, to settle at $88.12 a barrel. Brent crude futures, the global benchmark, declined $8.98, or 8.7 per cent, to $94.62 a barrel.
\n\nAccording to estimates cited by Reuters, JPMorgan expects the global oil market to have moved into a surplus of 1.1 million barrels per day in September, and 1.4 million barrels per day in October.
\n\nThis means global oil supply is exceeding demand, putting downward pressure on prices. The recovery in Gulf oil exports has contributed to this shift.
\n\nAshish Rajodiya, Head of Commodities, PL Capital said, “Crude oil extended its slide on Wednesday, with MCX November crude at ₹8,326 per barrel, down ₹778…
Original source: https://www.timesnownews.com/business-economy
