Oil Scores Highest Gains Since Late March

Oil prices closed higher on Monday with their best performance in five months, recovering most of their losses last week, despite lingering concerns over the spread of the Coronavirus Delta variant.

Today’s rebound, the highest since March 24, snaps a seven-session declining streak for oil futures, which brought them to their lowest level since May with last week’s decline being the biggest since last October.

Brent crude futures for October delivery surged by $3.57, or 5.5%, to close at $68.75 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for October delivery gained $3.50, or 5.6%, to finish at $65.64 per barrel.

The global and U.S. benchmark remain down for the month by 9.93% and 11.24%, respectively.