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Brent Settles at $94.62 After an 8.7% Drop on the Vote, Then Firms

Both crude benchmarks settled Wednesday at their lowest since August 31 after Democrats won Congress. Brent recovered toward $97 on Thursday. The latest posted Cushing spot price is for November 3.

By Jonah Peck, Energy Correspondent

New York2 min read

aerial photography of tanker ship
A tanker ship at sea, seen from above.Photo by Shaah Shahidh on Unsplash

Brent crude for January delivery settled at $94.62 a barrel on Wednesday, November 4, down $8.98, or 8.67 percent, DTN reported. It was Brent's lowest settlement since August 31, when it settled at $90.49.

West Texas Intermediate for December delivery settled at $88.12, down $7.97, or 8.29 percent. It touched $87.13 during the session. It was WTI's largest one-day loss since April 17, when it settled at $83.85, down 11.45 percent.

The settlements came the day after Democrats won both chambers of Congress. Traders priced more pressure on the White House to end the war with Iran, Reuters reported. The United States and Israel began that war in February, according to Reuters. Vice President JD Vance blamed the war for the Republican losses, according to CNBC.

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