- Prices rebound from biggest week of losses in nine months
- U.S. oil and gas rig count rises for third week
LONDON, Aug 23 (Reuters) – Oil prices jumped 3% on Monday, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant.
Brent crude climbed $2.17, or 3.2%, to $67.35 a barrel by 0901 GMT after touching its lowest since May 21 at $64.60.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $2.11, or 3.3%, to $64.25. The price had hit $61.74 in early Asia trade, also representing the lowest level since May 21.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
Many nations are responding to the rising coronavirus infection rate by introducing new travel restrictions.
“We expect to see more adjustments this week, but the market sentiment will…