Oil: Brent Falls Below $102

Brent prices edged lower to around $101.7 a barrel on Wednesday, near a three-week low and extending losses for a third consecutive session. However, volatility is expected to persist as traders monitor developments in US policy toward Iran following the midterm elections. The elections resulted in Democrats gaining control of both chambers of Congress, potentially constraining President Trump's legislative agenda. Meanwhile, Qatar stepped up mediation efforts and a Qatar's Foreign Ministry spokesperson said both the US and Iran were reviewing new proposals put forward by mediators to bridge their differences. However, Iran's national security chief indicated in a social media post that Washington's response remained unsatisfactory. US President Trump told the FT on Tuesday that Washington had no immediate plans to strike Iran although the country carried out defensive strikes against Iran earlier this week.