Oil prices slide for fourth day as US election losses temper Iran war escalation odds

Oil fell for a fourth straight day on Thursday as Republican losses in US congressional elections lowered the odds of a US-Israeli war escalation against Iran.

• Brent crude futures fell 0.7% to about $93.95 a barrel on Thursday, with US WTI trading at $86.98.
• Brent and WTI settled more than 8% lower on Wednesday, their weakest close since August 31.
• Two Gulf government sources said Trump has greater incentive to reach an agreement and a full-scale attack on Iran is now less likely.
• JPMorgan said resumption of Gulf supplies returned the global oil market to a surplus of 1.4 million barrels per day in October.