Oil prices snap seven-day losing streak, helped by weaker dollar
TOKYO (Reuters) – 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.
