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Title: Oil jumps 3% on weaker dollar after seven days of losses

Aug 23, 2021 05:31AM ET

By: AnalysisWatch

Oil costs bounced 3% on Monday, recuperating from a seven-day losing streak, with gains driven by a more fragile dollar in spite of interest concerns stirred up by rising instances of the Delta Covid variation.

Brent rough climbed $2.17, or 3.2%, to $67.35 a barrel by 0901 GMT in the wake of contacting its most reduced since May 21 at $64.60.

U.S. West Texas Intermediate (WTI) unrefined for October conveyance rose $2.11, or 3.3%, to $64.25. The cost had hit $61.74 in early Asia exchange, additionally addressing the least level since May 21.

The two benchmarks denoted their greatest seven-day stretch of misfortunes in over nine months last week, with Brent sliding about 8% and WTI about 9%.

Numerous countries are reacting to the increasing Covid contamination rate by presenting new travel limitations.

China, the world's biggest oil shipper, has forced new limitations, which is influencing transportation and worldwide stock chains. The United States and China have likewise forced limitations on flight limit.

While the pandemic hauls on fuel interest, supply is consistently expanding. U.S. creation rose and boring organizations added rigs for the third week straight, administrations organization Baker Hughes said.

Yet, a slide in the U.S. dollar offered some help, making rough more affordable for holders of different monetary standards.

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