Oil prices declined due to the strengthening of the U.S. dollar during the ongoing presidential election.

U.S. West Texas Intermediate (WTI) crude dropped by 0.4% to $71.72 per barrel, while Brent crude oil futures decreased by 0.46% to $75.18 per barrel.

Former President Trump secured victories in eight states, while Vice President Harris won three states and Washington, D.C., according to projections from Edison Research. However, the overall outcome of the election remains uncertain, with critical battleground states expected to take hours or even days to finalize results.

As early election results emerged, U.S. stock futures and the dollar saw upward movement in Asia, reflecting investor caution due to the close race. Market participants are closely monitoring developments, anticipating increased volatility during the electoral process.