Brent crude rises 3.5%, crosses $67

Oil rigs

Oil prices climbed on Monday, with Brent crude rising above $67 a barrel – snapping its longest streak of daily losses in more than three years.

The international benchmark Brent crude was trading up 3.3% at $67.38 per barrel, at 12.15 pm Makkah time.

WTI crude rose 3.4% to $64.23 per barrel.

“Oil prices took a breather (on Monday) after their steep drops last week,” Reuters reported, citing Kazuhiko Saito, Chief Analyst at Fujitomi Securities Co Ltd.

“We expect to see more adjustments this week, but the market sentiment will likely remain bearish with growing concerns over slower fuel demand worldwide,” he added.