TOKYO (Reuters) - U.S. West Texas Intermediate (WTI) crude futures fell on Wednesday as presidential election polls were closing in the United States. WTI dropped 23 cents, or 0.3%, to trade at $71.76 per barrel at 0053 GMT. Brent crude oil futures starts trading at 0100 GMT.

Oil held in a narrow range as investors turned their full focus to the tight US presidential election after prices jumped on Monday, pushed higher by OPEC+’s supply-curb extension and tensions in the Middle East.

WTI futures traded around $71.26 per barrel, as of 9 a.m. ET. That’s an increase of 0.79% in the last 24 hours.

Crude oil prices continued their recent downward trend as geopolitical risks eased during the weekend. The West Texas Intermediate (WTI) crashed by 4.35% to $68.50, while Brent, the global benchmark,

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

Brent Crude oil prices opened lower due to renewed ceasefire hopes after a limited Israeli retaliatory attack on Iran. Click to read.

Oil surrendered gains after rallying on OPEC+’s supply-cut extension and Middle East tensions while investors shifted focus to the tight US presidential election.

Oil traders snapped up bullish bets on US crude futures to protect against the chance that prices could spike toward $100 a barrel if Middle East tensions ratchet up in the days after the US election.