Crude oil prices opened on a strong note on Monday based on expectations of more monetary stimulus under US President-elect Joe Biden.
International benchmark Brent crude was trading at $40.47 per barrel at 0650 GMT on Monday with a 2.59% increase after closing Friday at $39.45 a barrel.
American benchmark West Texas Intermediate (WTI) was at $38.14 per barrel at the same time for a 2.69% increase after it ended the previous session at $37.14 a barrel.
Oil prices showed an upward trend with the elimination of uncertainty around the results of the US presidential election as US President-elect Joe Biden officially declared victory.
Democrat Biden defeated incumbent Republican President Donald Trump in the presidential race after garnering 290 electoral votes, which surpassed the required 270 electoral votes to win, according to The Associated Press.
However, lingering concerns over global demand continue to negatively affect the market as major economies in Europe introduced renewed lockdowns and measures due to the surge in COVID-19 cases.
Supply glut concerns limited more price increases, as Libyan oil production surpassed 1 million barrels per day following an eight-month blockade of the oil facilities and ports in the country.
The oil rig count in the US increased last week to the highest level since May, according to Baker Hughes data on Friday.
The number of oil rigs, an indicator of short-term production in the country, rose by 5 to 226 for the week ending Nov. 6.
By Firdevs Yuksel