July 19, 2022: Oil prices jumped on Monday, reclaiming some of the losses they had suffered in the previous week.

The West Texas Intermediate for August delivery added 5.01 U.S. dollars, or 5.1%, to settle at $102.60 a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased by $5.11, or nearly 5.1%, to close at $106.27 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%, while Brent dropped 5.5%, based on the front-month contracts.

Xinhua/APP

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