Global Markets Rally as US Midterm Results Ease Oil
Investors welcome potential political gridlock in Washington following the US midterm elections as Brent crude hits a two-month low. Lower energy prices relieve pressure on Asian equities while Treasury yields drop and traders await the upcoming Bank of England decision.
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Brent Crude Oil futures slumped to a two-month low below $100 per barrel during Wednesday trading as Washington gridlock raised hopes of an end to the conflict in Iran. The drop followed Democratic gains in the United States midterm elections that left the administration facing pressure to negotiate. Lower energy costs helped ease broader market pressures following months of geopolitical volatility.
