Oil jumps 3% on weaker dollar after seven days of losses | Reuters

Oil jumps 3% on weaker dollar after seven days of losses | 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 $2.08, or 3%, to $67.26 a barrel by 1052 GMT after touching its lowest since May 21 at $64.60.

U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.90, or 3%, to $64.04.

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.