WASHINGTON (dpa-AFX) - Oil prices rebounded on Monday as Joe Biden's victory in the U.S. presidential race lifted world stocks to record peak.
Investors are pinning hopes that the Biden administration will be more positive for international trade and could bring the U.S. back into the framework.
Benchmark Brent crude jumped nearly 2 percent to $40.24 per barrel, while U.S. West Texas Intermediate crude futures were up 2.1 percent at $37.91 a barrel.
Both contracts fell around 4 percent on Friday on worries about higher output from Libya and amid lingering concerns about the impact on fuel demand from a worsening coronavirus pandemic.
Biden reportedly topped the necessary 270 Electoral College votes, but President Donald Trump is yet to concede he has lost the key states. Analysts think that Trump's election lawsuits are unlikely to pass legal muster.
As the Trump era comes to an end, Biden is expected to seek more realistic solutions on trade. Speculation is rife that both trade wars and higher taxes would be largely off the agenda.
Analysts expect the U.S. dollar to weaken and interest rates to remain low under Biden's administration.
Copyright RTT News/dpa-AFX
© 2020 AFX News
