Oil down on election uncertainty

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    SINGAPORE/MELBOURNE- Oil dropped on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting US presidential election but the Republicans look likely to retain Senate control, decreasing the chances of any huge COVID-19 relief package.

    US West Texas Intermediate (WTI) crude futures fell 64 cents, or 1.63 percent, to $38.51 a barrel, while Brent crude futures dropped 68 cents, or 1.65 percent, to $40.55 a barrel. Both contracts had jumped around 4 percent on Wednesday.

    Biden predicted a US 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.