Oil climbs as President-elect Biden's win triggers broader market rally

Oil advanced to trade near $38 a barrel in New York as US President-elect Joe Biden prepared to transition to the White House, sparking a buoyant mood across markets.

Futures rose 2.5 per cent, following equity markets higher as more certainty emerged from the outcome of the vote. Biden declared victory and began preparations to navigate America’s pandemic-hit economy out of crisis, with potential shifts coming on a range of policies from fiscal stimulus to Iranian sanctions.

“Predictability and stimulus is what markets are rejoicing about,” said Bjarne Schieldrop, chief commodities analyst at SEB AB.

The optimism came despite a renewed expansion in