Oil prices drop 4% as US vote count continues, coronavirus cases rise

Oil fell below $40 a barrel on Friday as rising global coronavirus cases stoked fears about lackluster demand and as drawn-out vote counting in the US presidential election kept markets on edge.

France reported record coronavirus cases, intensifying concerns that additional lockdowns in Europe could weigh on demand.

In the US election, Democratic presidential candidate Joe Biden took the lead over President Donald Trump in Georgia and Pennsylvania on Friday, edging closer to winning the White House as a handful of states continue to count votes.

Three days after polls closed, Biden has a 253 to 214 lead in the state-by-state Electoral College