Oil jumps 5% on weaker dollar after seven days of losses | Reuters

Oil jumps 5% on weaker dollar after seven days of losses | Reuters

Oil prices rose more than 5% on Monday, recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.

Brent crude climbed $3.27, or 5%, to $68.45 a barrel by 10:40 a.m. ET (1640 GMT) after touching its lowest since May 21 at $64.60 earlier in the session.

U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.31, or 5.3%, to $65.45.

Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.

But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.