A decisive Democratic midterm victory in the US has lifted expectations of an
end to the Middle East conflict, and international oil prices extended losses in
Asian morning trade after a more than 8% overnight drop. ANZ analysts warned the
market move may be premature, saying escalation risk remains and Iran's control
of the Strait of Hormuz shows no sign of abating, which has constrained
shipments. ANZ cited ship-tracking data showing Persian Gulf crude exports
averaged 17.10 mln bpd in October, below September. WTI front-month futures were
down 0.4% at $87.77/bbl; Brent front-month futures fell 0.2% to $94.64/bbl.
