Oil prices jump 5% after 7 days of losses, boosted by weaker dollar
NEW YORK (Reuters) -Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven days of declines.
Brent crude climbed $3.64, or 5.6%, to $68.82 a barrel by 12:08 p.m. ET (1608 GMT) after touching its lowest since May 21 at $64.60 during the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.61, or 5.8%, to $65.75.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
