The West Texas Intermediate (WTI) for October delivery added 3.5 U.S. dollars, or 5.6 percent, to settle at 65.64 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 3.57 dollars, or 5.5 percent, to close at 68.75 dollars a barrel on the London ICE Futures Exchange.
"Oil prices are beginning the new week of trading with significant gains," "after a very bleak week that saw Brent and WTI shed just shy of 8 percent and 9 percent respectively - their most substantial weekly losses in nearly ten months," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Monday.
For the week ending Friday, the U.S. crude benchmark tumbled 8.9 percent, while Brent dipped 7.7 percent.
"We find this price weakness excessive and believe it has more to do with the psychology of market participants than with any deterioration of fundamental data," said Fritsch, adding the coming weeks will reveal whether the reimposed travel restrictions in some Asia-Pacific countries "will really have such an impact on fuel demand as last week's price performance suggests."
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