What is the story about?
Oil prices plunged more than 8% on Thursday after US President Donald Trump's Republican Party suffered a sweeping defeat in the midterm elections, with
the Democrats securing control of both chambers of Congress. The election outcome triggered a sharp reaction in the oil market as investors assessed the potential implications of the political setback for Trump's economic and energy policies. The decline in crude prices also reflected concerns over the broader economic outlook and its potential impact on global oil demand. US benchmark West Texas Intermediate (WTI) crude futures fell $7.97, or 8.3 per cent, to settle at $88.12 a barrel. Brent crude futures, the global benchmark, declined $8.98, or 8.7 per cent, to $94.62 a barrel.
