Crude oil prices snapped the seven-session losing streak on Monday and jumped over three percent after China contained the spread of the fast-spreading delta variant of the coronavirus and reported zero local cases.
At 1245 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $2.02 (+3.28 percent) to reach $67.32 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $64.14 a barrel, up by $2 (+3.23 percent).
The price for Opec Basket was recorded at $66.08 a barrel with 4.78 percent decrease, Arab Light was available at $67.68 a barrel with 0.13 percent decrease, while the price of Russian Sokol slipped to $66.43 after shedding 0.03 percent. Both Brent and WTI lost 10 percent of their values earlier this month as new lockdowns to contain the more virulent delta variant curbed demand.