Brent crude futures dived nearly 9% overnight, falling below US$100 a barrel. (Reuters pic)HONG KONG: Oil, chip stocks and the dollar were under pressure in Asia on Thursday and just about everything else was up after US voters swept the Democrats to a series of stunning midterm election wins, a result that raised hopes for an end to the US-Iran war.
Brent crude futures dived nearly 9% overnight, falling below US$100 a barrel. Brent has dropped by about 20% so far this week. If sustained through to Friday's close, it would make for the largest weekly drop in oil prices since a week in April 2020 when US crude briefly fell into negative territory.
Tumbling energy prices encouraged a rally in bonds, which lowered yields, pulled the dollar to a one-month low of US$1.1273 per euro, and helped stocks.
