LONDON (Reuters) – Oil prices jumped 3% on Monday, recovering from a seven-day streak of losses, supported by the devaluation of the dollar, despite demand concerns caused by the increase in the number of Delta variant cases of the coronavirus.
At around 8:30 am (Eastern time), Brent oil advanced about 3%, at US$67.11 per barrel, after having reached the lowest level since May 21, at US$64.60.
The US oil (WTI) for October delivery was up 2.85% to 63.93 dollars/barrel.
Both benchmarks had last week posted the biggest weekly losses in more than nine months, with Brent down around 8% and WTI down around 9%.
Many nations have responded to rising coronavirus infection rates by imposing new circulation restrictions.
“We expect to see further adjustments this week, but market sentiment will likely remain bearish as concerns grow over the slowdown in global fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Securities.
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