In the early morning of the 24th Beijing time, crude oil futures closed higher on Monday, the biggest one-day percentage increase since March. Crude oil futures closed last week at their lowest close in three months as investors worried that the continued spread of the new Guandelta mutant would weaken demand for crude oil.
Naeem Aslam, chief market analyst at AvaTrade, said: "crude oil is oversold and is simply sold cheaply. Bargain hunters are in a hurry to sweep goods, which pushes up the price of crude oil futures. "
The US Food and Drug Administration (FDA) fully approved a COVID-19 vaccine for the first time on Monday, making the market more optimistic about the prospect of reopening the economy. Partly driven by this, crude oil futures prices rose.
Gold futures for October delivery on the New York Mercantile Exchange rose $3.50, or 5.6%, to close at $65.64 a barrel. Last week, WTI crude oil futures closed down 8.9%.
European Intercontinental Exchange IncBrent crude for October delivery rose $3.57, or 5.5%, to close at $68.75 a barrel. Brent crude tumbled last week to its lowest closing price since May.
According to Dow Jones,According to market data, both WTI crude oil and ICE Brent crude oil ended their seven-day decline on Monday and posted their biggest one-day percentage gains since March 24.