Oil drops for fourth day on fading Iran war fears
Oil prices extended losses for a fourth day as US election results reduced expectations of further conflict escalation with Iran. Brent futures fell to 93 dollars per barrel amid returning Middle East supplies and a shifting market surplus.
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Brent Crude Oil fell 1.03% to $93.65 a barrel during Thursday morning trade, extending losses to a fourth consecutive session. Both major benchmarks tumbled more than 8% in the previous session to settle at their lowest levels since August 31. The selloff follows political shifts in the United States, where the Republican Party suffered losses in congressional elections.
