WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Thursday amid demand worries and prolonged uncertainty over the outcome of the U.S. presidential election.
Benchmark Brent fell 1.5 percent to $40.62 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 1.5 percent at $38.56, after having risen about 4 percent on Wednesday.
Germany's daily new coronavirus infections hit a record high today and the Czech Republic reported a record daily tally of new coronavirus cases following several days of slowdowns in infections, raising worries about fuel demand.
Vote counting continues in the tense U.S. presidential race, though Joe Biden appears positioned to win enough battleground states to put himself in the White House.
Late Wednesday, the Trump campaign filed lawsuits and demanded recounts in a bitter contest that has yet to be decided.
Analysts said a long drawn-out fight for the White House and prolonged period of uncertainty as a result of court challenges and recounts could cause additional uncertainty in the market, spawning further sell-offs within risky asset classes, including oil.
Traders are also concentrating on the battle for the Senate, where odds are increasing that Republicans will retain control.
A divided Congress could hamper Biden's plans on climate change, economic stimulus and the easing of sanctions on oil producer Iran.
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