Commodity Evening Trading Guide

Oil prices slipped in early trade on Wednesday as investors awaited the results of the US midterm elections and their potential impact on peace talks in the Middle East, even after industry data showed US crude stocks unexpectedly fell last week.

Vote counting was underway in the US midterm elections, which will determine whether Trump’s Republican Party retains control of Congress for the rest of his second term.

Markets remained on watch for any progress in talks to end the US-Israeli war with Iran, as Qatar stepped up mediation efforts to avert an escalation of attacks after the US midterm elections.

The United States carried out “defensive strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Tuesday. Another official said the strikes appeared limited and did not signal a return to major combat operations.

US President Donald Trump told the Financial Times on Tuesday that the United States had no immediate plans to strike Iran.

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