What is the result of comparing NULL with NULL?

NULL is neither equal to NULL, nor it is not equal to NULL. Any comparison to NULL is evaluated to NULL. Look at this code example to convince yourself.
declare
a number := NULL;
b number := NULL;
begin
if a=b then
dbms_output.put_line('True, NULL = NULL');
elsif a<>b then
dbms_output.put_line('False, NULL <> NULL');
else
dbms_output.put_line('Undefined NULL is neither = nor <> to NULL');
end if;
end;