Brent tops $40/bbl

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    SINGAPORE – Oil prices gained more than 2 percent on Monday, with Brent futures rising above $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting wor ries about impact on fuel demand from the worsening coronavirus pandemic.

    Brent crude futures for January climbed 82 cents, or 2.1 percent, to $40.27 a barrel, while US West Texas Intermediate crude for December was at $37.98 a barrel, up 84 cents, or2.3 percent.

    Prices recovered from a 4 percent decline on Friday, rising a long with other financial markets after Biden emerged a s the winner in the US presidential race on Sunday.