Oil jumps 5% in bid as dollar retreats

Economy

23-08-2021, 20:01

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INA – SOURCES

Oil futures rose sharply on Monday after the U.S. benchmark suffered its biggest weekly drop since October on worries the continued spread of the delta variant of the coronavirus that causes COVID-19 will dent demand for crude.

West Texas Intermediate crude for October delivery CL00, 5.34% CLV21, 5.34% rose $3.68, or 5.9%, to $65.82 a barrel on the New York Mercantile Exchange. WTI dropped 8.9% last week, taking the U.S. benchmark to a three-month low. October Brent crude BRN00, 5.15% BRNV21, 5.15%, the global benchmark, jumped $3.67, or 5.6%, to $68.85 a barrel on ICE Futures Europe, after also falling to its lowest since May last week.