BREAKING: Brent Crude Tops $40 a Barrel After Biden’s Presidential Victory

SINGAPORE (Reuters) - 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.

Oil recovered from a 4% decline on Friday, rising along with other financial markets after Biden emerged as the winner in the U.S. presidential race on Sunday. 

Separately, U.S. oil production is set to climb as producers are tapping into a backlog of drilled wells left uncompleted to boost output.

The number of operating oil and gas rigs in the United States rose for an eighth week last week, according to Baker Hughes.

OPEC and its allies, a group known as OPEC+, are cutting output by about 7.7 million barrels per day to balance global oil markets.

China, the world’s top crude importer, posted a 12% decline in October imports compared with September.

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