Oil jumps on soft dollar and supply jitters | Reuters

Oil jumps on soft dollar and supply jitters | Reuters

Oil prices extended gains on Monday, boosted by a weaker dollar and tight supplies as concerns over gas supply from Russia mounted, offsetting demand fears brought on by a possible recession and China lockdowns.

Brent crude futures for September settlement rose by $2.34, or 2.3%, to $103.50 a barrel by 1235 GMT, having gained 2.1% on Friday.

U.S. West Texas Intermediate (WTI) crude futures for August delivery were up $1.89, or 1.9%, at $99.48 after rising by 1.9% in the previous session.

Both Brent and WTI last week registered their biggest weekly declines for about a month on fears of a recession that would hit oil demand.

Russian gas export monopoly Gazprom declared force majeure on gas supplies to Europe to at least one major customer, according to the letter seen by Reuters, potentially ratcheting up the continent's supply crunch. read more