Oil prices fall as US election results shift market outlook

Oil prices have continued to decline following a slump at the end of the previous session, according to trading data, Report informs.

January futures for Brent crude on the London ICE Futures exchange are trading at $93.79 per barrel, which is 0.88% lower than the previous close. Meanwhile, WTI crude futures for December on the New York Mercantile Exchange (NYMEX) fell by 1.38% to $86.90 per barrel in electronic trading.

The confident victory of the Democratic Party in Tuesday's US Congressional elections could hasten the end of the conflict with Iran by increasing pressure on the White House.

US President Donald Trump has already acknowledged that Republicans lost largely due to this conflict, noting that rising gasoline prices heavily influenced the voting outcome.