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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 percent to $66.89 a barrel, after hitting the lowest level since May 21 of $64.60 earlier in the session.

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

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

Risk appetite in global markets increased today 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 lockdown.

Iran had last week tightened curbs to contain the spread of the virus.

New Zealand extended a national COVID-19 lockdown on August 23, 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.


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