Prices are rising for Brent and WTI crude. The gains follow steep losses and a warning on global demand from the International Energy Agency that says global demand is in “free fall.” Bloomberg’s Su Keenan reports on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)
Brent crude climbed $3.57, or 5.5%, to end the session at $68.75 a barrel after touching its lowest since May 21 at $64.60 during the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.50, or 5.6%, to settle at $65.64.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
“Although the oil complex has generally been able to shrug off strength in the stock market, the bullish combo of increased risk appetite and significant weakening in the U.S. dollar indices represents a potent mix that oil has been forced to recognize,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
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