Oil Price Recovers After Series of Declines

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The price of oil rose sharply on Monday. The recovery comes after the most extended series of price falls in more than three years.

The financial markets are more optimistic now that the economic superpower China appears to be able to limit the spread of the Delta variant of the coronavirus.

A barrel of American oil was 3 percent more expensive at $ 64.01. Brent oil cost 3.2 percent more at $67.21 a barrel.

The price of oil had fallen for seven days in a row. Last week there were still concerns about the economic recovery from the corona crisis, partly due to the increasing number of infections in China.

For example, one of the terminals of Ningbo, the third busiest container port in the world, was closed by order of the authorities when an employee was diagnosed with corona.