Oil prices fell more than $2 in choppy trading, reflecting growing concerns about fuel demand as COVID-19 outbreaks worsened in top crude importer China, as well as uncertainty about the outcome of the United States’ midterm elections.
Brent futures for January delivery fell $2.56 to $95.36 per barrel, representing a 2.6% drop. Crude oil in the United States fell $2.88, or 3.14%, to $88.91 per barrel.
“The market is entering today with some scepticism regarding the election… It’s a situation where we have to wait and see what happens “Bob Yawger, director of energy futures at Mizuho in New York, concurred.
US stocks shook as market participants waited to see if Capitol Hill would experience a power shift.
Both benchmarks reached their highest levels since August, following reports that Chinese leaders were considering exiting the country’s stringent COVID-19 restrictions.
However, new cases have risen in Guangzhou and other Chinese cities, casting doubt on the prospect of fewer restrictions.
