Oil up as investors begin bargain-hunt
Oil rose in Asia on Monday, reversing its course from last week’s seven-day losing streak. Investors were preoccupied with bargain hunting, but questions remain on how the continually increasing numbers of COVID-19 cases globally will affect fuel demand.
Brent oil futures soared 1.30% to $65.59 by 10:58 PM ET (2:58 AM GMT), after reaching their lowest level since May 21 earlier in the session.
WTI futures climbed up 0.95% to $62.73, likewise hitting their lowest level since May 21 earlier in the session.
Meanwhile, the Delta variant of the coronavirus continues to spread, prompting countries including South Korea and Vietnam to tighten restrictive measures. Japan tripled its COVID-19 tests, changing the country’s strategy following the record number of daily new infections hit on Friday.
In China, the top global importer of oil, no new locally transmitted cases had been recorded. However, the country’s ‘zero tolerance’ COVID-19 policy disrupted shipping and global supply chains as ports were ordered to be closed.