Oil prices are falling sharply, a move that comes as a surprise given the absence of any indicators to support it.
Prices had soared earlier, driven by regional developments that pushed the price of a barrel of oil to a record high.
Oil prices fell today for the fourth consecutive day.
Amid expectations that the losses suffered by the Republican Party, to which U.S. President Donald Trump belongs, in this week’s Congressional elections may reduce the likelihood of an escalation in the U.S.-Israeli war against Iran, according to Reuters.
Brent crude futures dropped 97 cents, or 1.03%, to $93.65 a barrel by 02:11 GMT.
Meanwhile, U.S. West Texas Intermediate crude futures fell $1.14, or 1.29%, to $86.98.
