Hopeful by Joe Biden becoming the president of the US in one of the most controversial election ever, pushed the prices of in Asian markets upwards in the initial trades on Monday. It even eclipsed the situation of rising coronavirus cases. Both WTI and Brent Crude jumped more than 2.5 per cent in the day.
Brent oil futures shot up to $40.49, gaining 2.64 per cent by 3:51 AM GMT, whereas the WTI futures spiked to $38.19, making gains of 2.83 per cent at the same time.
Notably, oil had plunged 4 per cent in Asia on Friday after the ouster of Donald Trump, the Republican candidate. The rates were buoyant with the outcome of the result. However, the Senate remained with the Republicans.
Meanwhile, Libya has got over the embargo of many months on it. The nation is producing more than a million barrels of oil a day. It is likely to affect oil prices in the longer run.