Oil drops as US election uncertainty dominates markets
Oil prices fell on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting US presidential election, though doubts remain over further huge stimulus to bolster the ecomony in the face of the coronavirus crisis.
Brent crude fell 33 cents, or 0.8%, to $40.90 a barrel by 0927 GMT and US West Texas Intermediate (WTI) crude was down 39 cents, or 1%, at $38.76. Both contracts had jumped around 4% on Wednesday.
Biden predicted victory over President Donald Trump after winning two critical US states while the Republican incumbent alleged fraud, filed lawsuits and demanded recounts in a bitter contest that has yet to be decided.
