Oil prices fell more than 1 percent in early Asian trade on Wednesday, as the dollar held firm on market bets that the U.S. presidential election could swing in favor of Republican Donald Trump, although the race remains very close, and as U.S. crude inventories rose more than expected.
Update prices
By 0450 GMT, Brent crude futures were down 90 cents, or 1.2 percent, at $74.63 a barrel, while U.S. West Texas Intermediate crude lost 82 cents, or 1.1 percent, to $71.17 a barrel.
Early indications are leaning Republican, and while it's still early, U.S. bond yields and the dollar are rising...This in turn is weighing on crude prices, which have performed well in the past few sessions, Tony Sycamore, an analyst at IG Markets, told Reuters.
