Oil Climbs Toward $38 After Biden Victory; Gold Gains Third Day

(Bloomberg) — Oil rose toward $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 increased 1.9% after rising 3.8% last week. Spot gold added 0.4% and an indicator of the dollar was marginally lower. While Biden declared victory and prepared to navigate America’s pandemic-hit economy out of the crisis, the unresolved status of Senate control may dampen prospects for a major stimulus package before January. Meanwhile, Trump’s campaign team mounted lawsuits in key states after alleging election fraud. Biden inherits a divided country and an economy ravaged by the coronavirus as infections race toward 10 million. Already, a second wave of Covid-19 has led to lockdowns across Europe, fueling concerns over a slowdown in a global oil-demand recovery amid rising crude […]

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