Oil dropped on Thursday as Democrat Joe Biden edged closer to the White House, but the Republicans look likely to retain Senate control, decreasing the chances of any huge coronavirus relief package, Reuters reports. U.S. West Texas Intermediate crude futures fell 64 US cents, or 1.63 percent, to US$38.51 a barrel, while Brent crude futures dropped 68 US cents, or 1.65 percent, to US$40.55 a barrel. Both contracts had jumped around 4 percent on Wednesday.

Source: The Standard November 05, 2020 06:33 UTC