India, Nov. 6 -- Oil prices fell in choppy trade on Friday and were on track for a steep weekly loss on hopes of de-escalation in the U.S.-Iran conflict and a possible reopening of the Strait of Hormuz.
Brent crude futures dropped 1.3 percent to around $97 a barrel and were on track for a weekly loss of about 14 percent, following the results of the U.S. midterm elections.
With Democrats securing a decisive victory and potentially limiting President Trump's support for the war against Iran, investors are pinning hopes that the conflict in the Middle East will not escalate.
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