Brent crude climbed $2.59, or 3.9%, to $67.75 a barrel after touching its lowest since May 21 at $64.60. For October delivery, U.S. West Texas Intermediate (WTI) crude rose $2.58, or 4.2%, to $64.75. Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%. Many nations are responding to the rising coronavirus infection rate by introducing new travel restrictions.
China, the world’s largest oil importer, has imposed new restrictions, affecting shipping and global supply chains. The United States and China have also imposed restrictions on flight capacity. While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said. Investors were also adjusting their positions before the U.S. Federal Reserve’s annual Jackson Hole symposium in Wyoming on Friday.
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