The West Texas Intermediate for August delivery added 5.01 U.S. dollars, or 5.1 percent, to settle at 102.60 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 5.11 dollars, or nearly 5.1 percent, to close at 106.27 dollars a barrel on the London ICE Futures Exchange.
The rally came after oil's sell-off recently driven by anxiety that economic growth in the United States and other advanced economies is slowing or even contracting, hurting the demand for energy.
For the week ending Friday, the U.S. crude standard shed 6.9 percent, while Brent dropped 5.5 percent, based on the front-month contracts.
Meanwhile, a retreat in the U.S. dollar helped bolster oil. The dollar index, which measures the greenback against six major peers, decreased 0.64 percent to 107.3660 in late trading on Monday, following a 0.44-percent dip in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.
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