Oil trades near four-month low
Oil traded near the lowest level in almost four months in New York amid concern that Greece will struggle to secure another bailout and uncertainty over who will win tomorrow's U.S. presidential elections.
West Texas Intermediate futures were little changed after falling 2.6 percent on Nov. 2 to cap a third weekly decline. Brent crude fell below $105 a barrel in London for the first time since Aug. 2. Voters decide tomorrow between giving President Barack Obama another four years in office or changing course with Republican challenger Mitt Romney.
"Some clarity for the medium-term would be good for the markets," said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, who predicts Brent crude will rebound toward $110 a barrel this month. "Obama is considered by the oil markets as being more favourable."