Geneva: Oil prices fell by nearly 2 percent today following Donald Trump's announcement of victory in the US presidential election. The decline was also driven by a strengthening dollar. Brent crude futures dropped by $1.25, or 1.65 percent, to trade at $74.28 per barrel, while US West Texas Intermediate (WTI) crude declined by $1.25, or 1.74 percent, to $70.74 per barrel. According to Oman News Agency: The US dollar is on track to register its largest daily gain against major counterparts since March 2020. A stronger dollar makes dollar-denominated commodities like oil more expensive for holders of other currencies. Market sources, citing data from the American Petroleum Institute (API), reported that US crude oil inventories rose by 3.13 million barrels in the week ending 1 November 2024, surpassing an anticipated increase of 1.1 million barrels. Meanwhile, oil and gas producers in the US Gulf of Mexico have begun shutting down production as Tropical Storm Rafael is expected to intensify into a Category 1 hurricane.