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Oil cos edge lower as Democratic sweep dents Iran war risk premium

By Reuters News

** Shares of US oil and gas companies edge lower premarket as oil prices ease

** Democrats capture control of the US Congress from President Donald Trump's Republicans in the midterm elections, denting the risk premium for a further escalation of the ongoing war with Iran

** Brent futures down 1.7% at $101.87/bbl, while US West Texas Intermediate crude futures slip 1.2% to $94.96/bbl O/R

** "What is clear is that a large risk premium for the moment has left oil prices as Trump stood down from his threats of immediate strikes on Iran post the US midterm elections" — Bjarne Schieldrop, chief analyst commodities with SEB Research

** Oil major ExxonMobil XOM.N down 1.4% while Chevron CVX.N slips about 1%

** Oil and gas producers ConocoPhillips COP.N down 3% while Occidental Petroleum OXY.N slips 0.9%

** Refiner Marathon Petroleum MPC.N down 0.9%

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