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Oil rises 3% after a week of losses thanks to the decline in the dollar

Oil prices jumped more than 3%, after a seven-day losing streak driven by a weak dollar, despite demand concerns fueled by an increase in cases of the mutated Delta strain of the Corona virus.

Brent crude rose $1.98, or 3.06%, to $66.73 a barrel by 02:03 Beirut time, after falling to $64.60 during the session, the lowest level since May 21.

And US crude futures for October delivery rose $1.84, or 2.96%, to $63.98 a barrel, and it had reached $61.74 a barrel, which is also the lowest level since May 21.

Both benchmarks recorded the largest weekly loss in more than nine months last week, with Brent down about 8% and US crude down by about 9%.

 

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