Brent crude falls 2% to $101.5 after US midterm results

Brent crude extended its losses, dropping 2% to around $101.5 a barrel following a historic victory for Democrats in the US midterm elections.

US West Texas Intermediate crude also fell, down 0.74% to $95.38 a barrel.

The decline came amid renewed optimism over diplomatic efforts in the Middle East after weeks of concern about rising tensions, with Brent crude losing more than 13% since the start of the week.