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Brent crude fell about 8.5% after Republicans lost control of Congress in the US midterm elections, raising expectations that President Trump could move toward ending the Iran war. Brent was near $94.20 in Asian trade, down almost 20% for the week.
The rupee was expected to open around 94.35-94.40 after settling at 94.64 on Wednesday.
Lower crude removes part of the geopolitical risk premium from oil and reduces India's import bill, which supports the rupee. Cheaper energy also eases freight and fertiliser cost pressure on the feed chain.
brecorder.comReutersNov 5, 2026brecorder.comReutersNov 5, 2026Not enough comparable past events yet for a historical read.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
