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Oil prices dropped by 1% over the US election uncertainty. WTI fell by 1.63% and was traded at $38.51 a barrel. Brent slipped by 1.65% and was traded at $40.55 a barrel. The current situation indicates Republicans' control over the US Senate. “Fortunately for oil markets, it would seem any olive branch to Iran will not be extended anytime soon”, said a chief market strategist at Axi.