Crude Oil Prices Fall, What the U.S. Midterms Mean for Brent

Crude oil prices have pulled back more than 11% from October highs, in line with U.S.-Iran negotiation hopes and shifting U.S. midterm expectations. Razan Hilal, StoneX Media Market Analyst, breaks down the Brent and WTI daily charts, the support zones in focus and what the daily RSI is showing. Expectations of stronger congressional oversight after the U.S. midterm elections may also be adding to the selling pressure, though it is still premature to call a lasting geopolitical shift. A deeper pullback in Brent crude would align with a broader de-escalation narrative around the Middle East conflict and the U.S.-Iran war. The daily RSI has dropped below its 50 neutral mark after a pullback from overbought levels, a pattern that preceded notable reversals in March, July and September. Gold, silver, Bitcoin and U.S. indices are recording bullish reversals as forward-looking markets react to the midterms, while WTI crude oil holds above its multi-month uptrend support. 00:00 - Crude Oil Sinks on Iran Hopes 00:37 - Brent Cracks Uptrend Support 02:56 - Brent RSI Slips Below 50 03:39 - Midterms Fuel Risk-On Rebound 04:26 - WTI Holds the Line 06:22 - Key Support Decides the Shift Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_razan_hilal&utm_content=share Like and subscribe for more financial market insights. #CrudeOil #StoneX #RazanHilal #BrentCrude --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social