Oil falls over 1% as markets whipsawed by US election uncertainty
SINGAPORE/MELBOURNE (Reuters) – Oil dropped on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election but the Republicans look likely to retain Senate control, decreasing the chances of any huge COVID-19 relief package.
U.S. West Texas Intermediate (WTI) crude futures fell 64 cents, or 1.63%, to $38.51 a barrel at 0440 GMT, while Brent crude futures dropped 68 cents, or 1.65%, to $40.55 a barrel. Both contracts had jumped around 4% on Wednesday.
Biden predicted a U.S. election win over President Donald Trump after pivotal victories in Michigan and Wisconsin, while the Republican incumbent sought to offset a narrowing path to re-election with lawsuits and demands for a recount.
