Black commodity trading opened higher today with a more than 2% increase amid rising sentiment for risky assets after Joe Biden's victory as the new president of the United States was announced.
In the Asian session, Brent crude futures rose 2.7% to $ 40.54 a barrel, while the US WTI gained 2.9% at $ 38.22 a barrel.
Oil prices recovered from a 4% decline on Friday, rising along with other financial markets after Biden was announced as the 46th US president over the weekend.
With the expectation that Republicans will continue to have a majority in the Senate, Biden’s efforts to change policies such as raising taxes may be more difficult. However, expectations for greater stimulus remain and trade wars are expected to diminish.
Meanwhile, as Covid-19 infection cases in the United States continue to record highs for four consecutive days, Joe Biden announced that he will be introducing his coronavirus task force today.
Meanwhile, the increase in oil production in Libya to more than 1 million ting per day, is likely to affect the movement of oil prices from rising higher due to concerns over fuel demand that continues to plague the market.
