Oil and dollar decline, gold rises as markets await US election results

Caution prevailed in global markets as investors awaited the US election results, with oil prices and the dollar declining, while gold saw a limited rise. Brent crude fell 0.25% to $103.34 per barrel, and the dollar index dropped 0.2% to 101.7 points, as developments in the Middle East remain a factor.

Caution prevailed in global markets as investors awaited the US election results and their political and economic implications, with oil prices and the dollar declining, while gold saw a limited rise. Brent crude futures fell 0.25% to $103.34 per barrel, and West Texas Intermediate crude dropped 0.55% to $95.56. This decline came despite a larger-than-expected drop in US crude inventories, as data from the American Petroleum Institute showed a decrease of 5.27 million barrels in the week ending October 30, contrary to analysts' expectations of an increase of about 880,000 barrels. The dollar fell against most major currencies as investors turned to monitor the US election results and the potential shift in power in Congress, with the dollar index dropping 0.2% to 101.7 points. In contrast, the euro rose 0.2% to $1.1212. Political and military developments in the Middle East remain a factor influencing price movements, amid anticipation of Qatari mediation results regarding de-escalation, while Reuters quoted a senior Iranian official saying that Tehran and Washington remain far from reaching an agreement to end the war.