Oil down 1% as U.S. dollar firms on bets of split White House, Senate

MELBOURNE: U.S. oil prices dropped on Thursday as the dollar strengthened on growing expectations Democrat Joe Biden would win the U.S. presidential election but the Republicans would retain Senate control, holding back any huge COVID-19 relief package.

U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 1%, to $38.75 a barrel at 0141 GMT, while Brent crude futures dropped 41 cents, or 1%, to $40.82 a barrel. Both contracts had jumped around 4% on Wednesday.