OREANDA-NEWS. The cost of a Brent oil futures contract for delivery in January 2021 increased by 3.04 %, up to 40.65 US dollars per barrel. This follows from the trading data at the Intercontinental Exchange in London as of 01:16 UTC.

The cost of WTI oil futures grew by 3.31 %, reaching 38.73 dollars per barrel.

Analysts note that oil quotes are rising amid the presidential election in the United States which was held on November 3. According to American media forecasts, Democratic candidate Joe Biden have already received 270 electoral votes which he needs to defeat incumbent Republican President Donald Trump. Biden has announced his victory. At the same time, Trump did not admit defeat, saying that the vote count cannot be considered complete. He confirmed his intention to go to the courts, since, in his opinion, there were numerous violations committed by the Democrats during the election.