Oil Prices Rise by Five Percent

Oil prices rose by more than five percent, as a weaker dollar and strong global equities markets boosted crude futures after seven days of declines.

Brent crude climbed $3.64, or 5.6 percent, to $68.82 a barrel after touching its lowest since May, this year at $64.60 during the session.

United States’ West Texas Intermediate (WTI) crude for October delivery rose $3.61, or 5.8 percent to $65.75.

Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about eight percent and WTI about nine percent.

But a drop in the U.S. dollar provided a boost, making crude less expensive for holders of other currencies.

The dollar index, which measures the currency against six peers, was down 0.4 percent after hitting its highest in more than nine months on Friday.

The MSCI’s world equity index, which tracks shares in 50 countries, was up, after having its biggest weekly fall since June last week.

Still, many nations are responding to the rising coronavirus infection rate by introducing new travel restrictions.

Nation/Hauwa Abu