Oil edged lower as investors awaited the outcome of the tightly contested US presidential election. (Bloomberg) — Oil edged lower as investors awaited the outcome of the tightly contested U.S. presidential election, with Joe Biden on the brink of claiming a victory. Futures in New York declined less than 1% after bouncing between gains and losses during the session. While chances for a split Congress fueled optimism that there will be no major changes to taxes or regulations that have underpinned an equity bull market, it also raises the likelihood of any post-election virus aid package being smaller than initially expected. The oil market is also contending with renewed lockdown measures across Europe that further threaten the demand outlook. Greece became the latest European country to declare a national lockdown, while a surge in virus cases in the U.S. risks triggering more restrictions. “A presidential election doesn’t overnight solve […]