Oil Prices Dip as Dollar Strengthens

6 Nov 2024 , 10:31 AM

As early polling results in the U.S. election indicated that Republican Donald Trump and Democrat Kamala Harris were locked in a close contest for the president, oil prices dropped on Wednesday.

Brent crude oil futures dropped 0.35 cents, or 0.46%, to trade at $75.18 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 27 cents, or 0.4%, to $71.72 per barrel.

In Tuesday’s U.S. presidential election, Trump won eight states, while Harris won three states and Washington, D.C., according to Edison Research.

However, the race’s outcome was still up in the air, with crucial battleground states unlikely to be called for hours or even days.

Investors were jumping at shadows as early results from the U.S. presidential election indicated the contest was still too close to call, pushing U.S. stock futures and the currency higher in Asia on Wednesday.

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