US oil drops as pandemic rages while presidential vote counting continues

TOKYO: U.S. oil fell nearly 1% on Friday as new lockdowns went into affect in Europe raising questions over the outlook for demand for crude, while ballots were still being counted in the U.S. election with its outcome undecided, keeping markets on edge.

West Texas Intermediate was down 32 cents, or 0.8%, at $38.47 a barrel by 0040 GMT, having declined nearly 1% on Thursday. Brent was yet to trade after falling 0.7% in the previous session. The crude contracts are still heading for their first weekly gain in four.