Oil Prices Slump Over 3% as Republicans Lose Control of US Congress

Key Facts

Brent crude futures fell by 3.09% to reach $100.40 a barrel, while US West Texas Intermediate crude futures dropped 3.13% to $93.08. The Edge Malaysia reported that the decline follows the Republican Party losing control of Congress in midterm elections, reversing earlier price gains as markets reacted to the political shift.

The price action occurred alongside data from the American Petroleum Institute showing crude stocks fell by 5.27 million barrels for the week ended October 30, 2026. Additionally, the EIA Weekly Petroleum Report released on November 4, 2026, showed a stock decrease of 0.865 million barrels, contrasting with analyst forecasts of a 0.9 million barrel build.

Market participants are looking ahead to the OPEC Monthly Report scheduled for release on November 11, 2026. Further updates on inventory levels are expected from the API Crude Oil Stock Change report due on November 10, 2026.