8/23, 4:53 PM (Source: TeleTrader)
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Oil extends gains, soars over 5%

Prices of oil accelerated gains on Monday, partially bouncing back after the previous week's losses, and surging more than 5%.

The sentiment was seemingly backed by a weaker dollar and optimistic developments on the COVID-19 vaccination front in the United States, which issued its first full approval to the jab developed by Pfizer/BioNTech.

International benchmark Brent for settlements in October jumped 4.76% to sell for $68.28 per barrel at 10:42 am ET and West Texas Intermediate (WTI) for the same month soared 5% to go for $65.2 per barrel at the same time.

Breaking the News / BU