WTI crude fell 8.3% and Brent dropped nearly 9% after Democrats won both chambers of Congress in the U.S. midterms, according to a report from ApeX. Markets also appear to be pricing a possible de-escalation in the Iran conflict. The Philadelphia Semiconductor Index lost 12.2% in the same move.
The U.S. midterm election handed Democrats control of both chambers of Congress, and oil prices reportedly declined significantly. WTI crude lost 8.3%, while Brent crude dropped nearly 9%, according to the report.
ApeX points to the election's effect on demand and supply concerns as key drivers of the declines. The report also links the oil drop to possible de-escalation in the Iran conflict, which could reduce oil prices.
The Philadelphia Semiconductor Index fell 12.2%, according to the report. The decline appears to be linked to fears that Democratic control might slow investment in data-center and AI infrastructure.
Observers may monitor future statements from OPEC's Mohammad Sanusi Barkindo and the IEA's Fatih Birol, which could influence market expectations. Any legislative action by the new Congress on tech infrastructure funding could also affect semiconductor stocks.
Source: Crypto Briefing
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