US crude oil prices fell sharply below $93 per barrel as markets reacted to the results of the US midterm elections, extending a recent decline in global oil prices.
Oil prices have dropped around 12% over the past four days, reflecting changing investor sentiment following the election results. The sharp decline comes amid broader market reassessments of the political and economic outlook in the US.
The fall in crude prices could have implications for global energy markets, with movements in oil prices closely watched by major importers such as India. Lower crude prices, if sustained, could help ease India’s import bill and reduce pressure on domestic fuel costs.
Brent crude oil prices traded 2.2% near to $102 per barrel after hitting intraday low of $101.6 per barrel, extending its losses for the third consecutive session.