Oil prices erased some of their early losses on Thursday and amid counting for the final results of the US presidential election.

 

Democrat candidate Joe Biden looked set to win the race to the White House, according to preliminary vote count that pointed to his victory in the states of Wisconsin and Michigan. However, the control of the Senate, it appears, will be retained by the Republicans.

 

In terms of trading, Brent crude was trading down 0.6% at $41 a barrel, at 12.45 pm Makkah time.

 

US West Texas Intermediate (WTI) crude futures fell 0.8% to $38.85 a barrel.

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