International oil rates drop further, offering relief to importing nations
New Delhi, October 9: The decline in crude oil prices in the international market continued on Monday amid the results of the US midterm elections. During early trading, Brent crude prices fell to $96.52 per barrel and $89.77 per barrel.
According to OilPrice.com, Brent crude is currently trending at $96.52 per barrel, down $1.25, or 1.16 percent, in early trading. West Texas Intermediate (WTI) crude is also trading at $90.18 per barrel, down 1.80 percent, or 1.83 percent.
Experts say that after registering the biggest weekly decline in crude oil in the international market since April 2020 last week, its prices have fallen further. Brent crude prices fell by more than 16 percent last week. Crude oil prices have seen a significant decline since reaching a six-month high in late October. The
biggest reason for the decline in international crude oil prices was the results of the US midterm elections. Following the Democratic Party’s landslide victory, traders began to believe the ongoing war between the US and Iran would not escalate. However, differing statements from the US have maintained market concerns.
