SINGAPORE, Nov 6 Reuters Oil prices fell as much as 2 on Wednesday after two sessions of gains, as the dollar surged on projections that Republican Donald Trump had won the U.S. presidential election, and as U.S. crude stocks rose more than forecast.

Brent crude oil futures was down 1.17, or 1.5, to trade at 74.36 per barrel at 0710 GMT, while U.S. West Texas Intermediate WTI crude lost 1.11, or 1.5, to trade at 70.88 per barrel.

Besides the surging dollar weighing on commodity prices, including oil, a Trump presidency could see policies that may further pressure the Chinese economy, hence weakening demand, said independent analyst Tina Teng, as China is the world39;s top importer of crude oil.

Fox News projected that Trump won the U.S. presidency, defeating Democrat Kamala Harris in a stunning political comeback four years after he left the White House. Other media outlets have yet to call the race.

The dollar was set for its biggest oneday rise since March 2020 against major peers as socalled Trump trades took off.

A stronger U.S. dollar makes greenbackdenominated commodities such as oil more expensive for holders of other currencies, in turn curbing demand.

If Trump wins, it is bullish for the oil market in the shortterm due to prospects of tighter sanctions on Iranian oil, said Soni Kumari, commodity strategist at ANZ Research.

In the longerterm, however, it could be bearish as Trump39;s policies will be supportive for the U.S. oil and gas industry, while…