• 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…

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