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  The oil market is also contending with renewed lockdown measures across Europe that further threaten the demand outlook. Crude futures declined less than 1 percent after bouncing between gains and losses during Thursday's session amid continuing US presidential election uncertainty [File: Bloomberg] Oil edged lower as investors awaited the outcome of the tightly contested U.S. presidential election, with Joe Biden on the brink of claiming a victory. Futures in New York declined less than 1% after bouncing between gains and losses during the session. While chances for a split Congress fueled optimism that there will be no major changes to taxes or regulations that have underpinned an equity bull market, it also raises the likelihood of any post-election virus aid package being smaller than initially expected. Aljazeera

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US President Barack Obama has lashed out at Republican senators for undermining his administration’s efforts in nuclear negotiations with Iran. "I think it's somewhat ironic to see some members for Congress wanting to make common cause with the hardliners in Iran. It's an unusual coalition," Obama said Monday. The US president made the comments during a meeting with European Council President Donald Tusk. On Monday, a group of 47 Republican senators wrote an open letter to Iran, warning that the outcome of the nuclear talks would not be acceptable without Congress approval and could be revoked when Obama leaves the White House in 2017. The letter said a potential nuclear agreement with Iran would be a “mere executive agreement” that could be revoked “with the stroke of a pen and future Congresses could modify the terms of the agreement at any time.” President Obama, however, said that he is confident that a potential deal would be implemented. &quo

Iranian Foreign Minister Mohammad Javad Zarif says a letter by US Republican senators to undermine the P5+1 group’s efforts to reach a nuclear agreement with Iran is just a publicity stunt without any legal value. In an open letter to Iran on Monday signed by some 47 Republican senators, the lawmakers warned Tehran that any deal signed by the Obama administration must be approved by Congress or it could be abandoned by next president after Obama leaves office in January 2017. The Iranian foreign minister told reporters on Monday in Tehran that the Republican letter has “no legal value and is mostly a propaganda ploy.” Zarif said it appears to be an attempt to disrupt the nuclear talks underway between Iran and the P5+1 countries – the US, Britain, France, China, Russia, and Germany. “It is very interesting that while negotiations are still in progress and while no agreement has been reached, some political pressure groups are so afraid of even the prospect of an ag