Oil drops after Trump claims victory in US election despite uncounted votes

Oil turned lower on Wednesday after President Donald Trump claimed victory in a tight US election, despite millions of votes still to be counted and a final result not expected for days. West Texas Intermediate was down 15 cents, or 0.4%, at $37.51 a barrel by 0755 GMT, after choppy trade in positive territory for most of the Asian session. Brent crude was off by 8 cents, or 0.

2%, at $39.63, after trading between $39.85 and $40.80. Trump falsely claimed to have won after his Democratic challenger, Joe Biden, said he was confident.

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