Oil prices fell more than 1% on Wednesday, as the dollar consolidated on market bets that the US presidential election could tilt in favor of Republican Donald Trump although the race remains very close, as well as more than expected U.S. crude inventories.
Brent crude futures fell 90 cents, or 1.2%, to $74.63 a barrel, while U.S. West Texas Intermediate crude lost 82 cents, or 1.1%, to $71.17 a barrel.
The dollar index fell to a three-week low against a basket of currencies before the U.S. election results were announced. A weaker dollar makes oil less expensive in other countries.
