Oil prices rise again as investors hunt for bargains

Economy

23-08-2021, 09:13

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INA-sources

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the Delta coronavirus variant kept sentiment cautious.

Brent crude futures climbed $1.16, or 1.8%, to $66.34 a barrel by 0430 GMT, after hitting the lowest level since May 21 of $64.60 earlier in the session.

U.S. West Texas Intermediate (WTI) crude futures for October rose $1.07, or 1.7%, to $63.21 a barrel, recovering from $61.74, the lowest since May 21, touched in Asia's early 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.

Source: Reuters