Brent jumps above $ 60 after Friday’s losses

Arab and international

Economy News Baghdad

Oil prices rose on Monday, recovering from losses of 8 percent in the previous session, with Brent jumping above $ 60 a barrel, but sentiment remains weak amid a large-scale decline in financial markets in recent weeks.

Brent crude futures rose 1.31 percent, 2.2 percent to $ 60.11 a barrel by 0643 GMT.

WTI rose 66 cents, or 1.3 percent, to $ 51.08 a barrel.

The gains were offset by part of Friday’s losses, already called “black Friday” by traders.

The downward trend comes as supplies increase and demand growth slows, which is expected to lead to surplus supply next year.

Oil markets were also affected by the overall decline in capital markets.

Markets were hurt by the strength of the US dollar, which rose against most other currencies thanks to interest rates that led to the withdrawal of investors’ money from other currencies and high risk assets such as oil.

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