Oil Climbs Near $38 After Biden Victory; Gold Gains a Third Day
- President-elect starts transition as nation tackles outbreak
- WTI crude futures increase 2.3%; spot gold advanced 0.2%
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Oil advanced near $38 a barrel and gold climbed for a third day as President-elect Joe Biden prepared to transition into the White House even as Donald Trump rejected the outcome of the U.S. election.
Crude futures in New York rose 2.3% and spot gold added 0.2% amid a broader rally in global stocks. The dollar extended declines. While Biden declared victory and prepared to navigate America’s pandemic-hit economy out of crisis, the unresolved status of Senate control may dampen prospects for major stimulus before January. Meanwhile, Trump’s campaign team mounted lawsuits in key states after alleging election fraud.