Oil Prices Soar 3 Percent As Dollar Retreats
Oil prices soared 3% on Monday, recovering from a seven-day losing streak, with gains driven by the retreat the US dollar despite demand concerns growing due to the rising cases of the Delta coronavirus variant.
Brent crude was up 3% to $67.26 a barrel by 10:52 GMT after hitting its lowest since May 21 at $64.60.
U.S. West Texas Intermediate (WTI) crude for October delivery surged 3% to $64.04.
“We expect to see more adjustments this week, but the market sentiment will likely remain bearish, with growing concerns over slower fuel demand worldwide,” said Kazuhiko Saito, chief analyst at Fujitomi Securities to Reuters.