Oil prices dropped, on Monday, following the announcement of the US President, Joe Biden, to pull out from the presidential race, with investors anticipating further indication on the possibility of the Federal Reserve (the US central bank) lowering interest rates next September. The futures contracts for Brent crude fell by 45 cents or 0.5 percent to USD82.18 per barrel, while futures contracts for West Texas Intermediate (WTI) crude dropped by 51 cents to USD79.62 per barrel. On Sunday, the US President announced he is dropping out of the presidential race and endorsed Vice President Kamala Harris to be the Democratic nominee, affirming that he would keep discharging his presidential duties, pending end of his current presidential term. Source: Qatar News Agency