Oil climbs toward $38 after Joe Biden victory; gold gains third day

Investors are assessing the implications of Biden’s leadership on US foreign policy and the stance toward China and key oil producers Iran and Venezuela.

Crude futures in New York increased 2.2% and spot gold added 0.1% amid a broader gain in Asian stocks.(Reuters File Photo) 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 US election.

Crude futures in New York increased 2.2% and spot gold added 0.1% amid a broader gain in Asian stocks. 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 […]

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