Oil prices snap seven-day losing streak, helped by weaker dollar | Reuters

Oil prices snap seven-day losing streak, helped by weaker dollar | Reuters

Oil prices rose on Monday, recovering from a seven-day losing streak with support from a weakerdollar, although concern about surging cases of the Delta coronavirus variant led to cautious trading.

Brent crude climbed $1.23, or 1.9%, to $66.41 a barrel by 0701 GMT, after dipping to $64.60 earlier in the session, its lowest level since May 21.

U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.13, or 1.8%, to $63.27 a barrel, recovering from $61.74, also a low since May 21, hit in early Asia trade.

Both benchmarks marked their biggest week of losses in more than nine months last week - Brent slid about 8% and WTI fell about 9% - as markets braced for weakened fuel demand worldwide due to the surge in the pandemic.

"Oil prices took a breather (on Monday) after their steep drops last week," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.