Brent crude tops $40/bbl after Biden clinches U.S. presidency

SINGAPORE: Oil prices gained more than 2% on Monday, with Brent futures rising above $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetite, offsetting worries about impact on fuel demand from the worsening coronavirus pandemic.

Brent crude futures for January climbed 82 cents, or 2.1%, to $40.27 a barrel by 0101 GMT, while U.S. West Texas Intermediate crude for December was at $37.98 a barrel, up 84 cents, or 2.3%.