North Sea oil prices dropped to fresh lows on Wednesday as physical crude traders assessed whether the Iran war could de-escalate following US President Donald Trump’s defeat in the midterm elections.
One trader lowered its offer for Forties crude for delivery to Rotterdam by $3.80, leaving it at a premium of $1.35 a barrel over regional benchmark Dated Brent. The offer was reported by people monitoring a pricing window organized by S&P Global Energy.
Sources: Bloomberg Markets.