Oil prices rose more than 2.5% on Monday as the result of the US election became clear.
Joe Biden, the president-elect, signaled Sunday he plans to move quickly to build out his government, focusing first on the COVID-19 pandemic.
The US became the first nation since the pandemic began to surpass 10 million virus cases, according to a Reuters tally on Sunday. At the same time, traders believed that relations between Beijing and Washington could be restored to a state of greater predictability, starting with trade.
Supporting prices further were recent signals that OPEC is considering a possible extension of oil output restrictions into Q1 2021. Market participants shrugged off news that China posted a 12% plunge in crude imports in October from September.
At around 06:15 AM GMT, WTI crude soared 2.7% to $38.15 a barrel, while Brent crude jumped 2.6% to $40.49 a barrel.
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