OIL PRICE: ABOVE $40 ANEW
REUTERS - NOVEMBER 5, 2020 - 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 were down 60 cents, or 1.53%, to $38.55 a barrel at 0756 GMT, while Brent crude futures fell 64 cents, or 1.55%, to $40.59 a barrel. Both contracts had jumped around 4% on Wednesday.
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