Oil prices rebound from seven-day losing streak

Washington, Aug. 23, (dpa-AFX/GNA) - Oil prices rebounded from a seven-day losing streak on Monday despite a firmer dollar and lingering Covid-19 concerns.

Benchmark Brent crude futures for November delivery jumped as much as 3.3 per cent, to 66.89 dollars a barrel, after hitting the lowest level since May 21, of 64.60 dollars, earlier in the session.

US West Texas Intermediate (WTI) crude futures for October settlement were up 3.4 per cent, at 64.22 dollars a barrel, recovering from 61.74 dollars, the lowest since May 21, touched earlier in Asian trade.

Brent plunged around 8 per cent and WTI lost about 9 per cent last week on concerns about weakening fuel demand worldwide due to the surge in the pandemic.

Risk appetite in global markets increased on Monday despite persistent worries about the Covid-19 Delta variant hampering economic growth.

Investors await more clarity from the Fed on the tapering timeline as the Delta variant of the coronavirus continues to spread across the globe, forcing countries to impose nationwide as well as local lockdowns.

Iran last week tightened curbs to contain the spread of the virus. New Zealand extended a national Covid-19 lockdown on Monday, while Australia imposed strict lockdown in two of its biggest cities Sydney and Melbourne. China has taken a zero-tolerance approach towards containing new infections.