Brent Crude rebounds on Monday

Brent crude futures were up more than 2% to above $66 a barrel on Monday, ending a 7-day losing streak and attempting to rebound from a 7.7% plunge last week which was the weakest performance since February 2018.

Still, persistent worries over the rapid spread of the coronavirus Delta variant and the impact it will have on fuel demand continue to weigh and the market sentiment will likely remain bearish this week.

Brent Crude oil is a major benchmark price for purchases of oil worldwide.

While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics