Brent oil futures gained 2.71% to $40.53 and West Texas Intermediate futures soared higher by 2.91% to trade $38.22 as the outcome of the U.S. 2020 election became clear.
As at the time of filling this report, both Brent and WTI futures gained above their critical support levels.
This means that oil traders increased their buying pressure at the early hours of Monday trading session hoping that the political uncertainty, already going out of bound, would be settled.
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Another factor is the bias that the Democrats won the presidency but failed to take control of the Senate from the Republican which gives neither party sufficient ammunition to make radical changes to the present policy and is seen as moderating each political party’s power at the U.S capital.
However, the worsening COVID-19 attack and soft demand fears are still on the forefront of oil traders’ mind.
