Oil prices snap seven-day losing streak, helped by weaker dollar
Oil prices rose on Monday, recovering from a seven-day losing streak with support from a weaker dollar, although concern about surging cases of the Delta coronavirus variant led to cautious trading.
Brent crude climbed $1.23, or 1.9%, to $66.41 a barrel by 0701 GMT, after dipping to $64.60 earlier in the session, its lowest level since May 21.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.13, or 1.8%, to $63.27 a barrel, recovering from $61.74, also a low since May 21, hit in early Asia trade.
Both benchmarks marked their biggest week of losses in more than nine months last week - Brent slid about 8% and WTI fell about 9% - as markets braced for weakened fuel demand worldwide due to the surge in the pandemic.
Many nations are responding to the rising coronavirus infection rate, triggered by the highly transmissible Delta variant, by introducing new travel restrictions.
Investors were also adjusting their positions before the Federal Reserve’s annual Jackson Hole, Wyoming symposium on Friday, Chen said.
The pandemic surge prompted the Fed to move the symposium to an online format, raising questions about the central bank’s broader assessment of the Delta variant’s economic impact as it inches toward tapering stimulus.
Reference: Reuters
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