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Oil Rebounds From 7-Day Losing Streak

Oil Rebounds From 7-Day Losing Streak
Oil Rebounds From 7-Day Losing Streak

Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, as lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer US dollar to limit gains.
Brent crude futures climbed 60 cents, or 0.9%, to $65.78 a barrel, after hitting the lowest level since May 21 of $64.60 earlier in the session, CNBC reported.
US West Texas Intermediate crude futures for October rose 53 cents, or 0.9%, to $62.67 a barrel, recovering from $61.74, the lowest since May 21, touched in Asia’s early 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.
“We expect to see more adjustments this week, but the market sentiment will likely remain bearish with growing concerns over slower fuel demand worldwide.” 
Numerous nations worldwide are responding to the rising coronavirus infection rate, triggered by the delta variant, by adding travel restrictions to curb the spread.
China, the world’s largest crude oil importer, has imposed new restrictions with its “zero tolerance” coronavirus policy, which is affecting shipping and global supply chains. 
The United States and China have also imposed flight-capacity restrictions.
 

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