Oil edges lower as US election results remain in limbo

 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