Crude oil futures traded lower on Wednesday morning as markets monitored the outcome of US mid-term elections.
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Crude oil futures traded lower on Wednesday morning as markets monitored the outcome of US mid-term elections.
At 10.01 am on Wednesday, January Brent oil futures were at $102.95, down by 0.63 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $95.31, down by 0.81 per cent. November crude oil futures were trading at ₹9028 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹9104, down by 0.83 per cent, and December futures were trading at ₹8948 against the previous close of ₹9025, down by 0.85 per cent.
Market players are keenly watching the outcome of US mid-term elections on Tuesday. Initial reports said Democrats could take control of the House of Representatives. Reports said Democrats are inching closer to a Senate majority after winning Republican seats in North Carolina and South Carolina.
In a post on Truth Social, US President Donald Trump said: “I wasn’t on the Ballot and if I was, we would have won IN A LANDSLIDE!”
Markets are also watching the Qatar-brokered diplomatic efforts to end the conflict in West Asia. Spokesperson for Qatar’s Foreign Ministry said Iran and US are evaluating new proposals put forward by mediators to bridge their differences.
Latest report by the industry body American Petroleum Institute (API) showed a decline in crude oil inventories in the US. According to API, US crude oil inventories declined by 5.26 million barrels for the week ending October 30.
November copper futures were trading at ₹1344.35 on MCX during the initial hour of trading on Wednesday against the previous close of ₹1365.40, down by 1.54 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹26550 in the initial hour of trading on Wednesday against the previous close of ₹26325, up by 0.85 per cent.
December dhaniya futures were trading at ₹15648 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹15752, down by 0.66 per cent.
Published on November 4, 2026
