Brent crude tops $40/bbl after Biden clinches US presidency
Oil prices gained more than 2% on Monday, with Brent futures rising above $40 a barrel, after Joe Biden clinched the US 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 US West Texas Intermediate crude for December was at $37.98 a barrel, up 84 cents, or 2.3%.
Prices recovered from a 4% decline on Friday, rising along with other financial markets after Biden emerged as the winner in the US presidential race on Sunday.
