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Oil jumps as much as 6%, snapping longest losing streak since 2019
Aug. 24, 2021
Source: CNBC

Oil jumps as much as 6%, snapping longest losing streak since 2019

Oil prices jumped Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone. “News of zero new cases in China has certainly provided a tailwind as it gives added light at the end of the Covid tunnel and a breath of fresh air to the demand landscape,” noted analysts at Blue Line Futures. “Additionally, the U.S. Dollar has retreated from recent highs, underpinning the commodity landscape broadly.” West Texas Intermediate crude futures, the U.S. oil benchmark, gained $3.50, or 5.6%, to settle at $65.64 per barrel.

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