Oil futures rebounded Monday, shrugging off worries over a global supply glut and sluggish demand as the dollar lost ground. West Texas Intermediate crude for September delivery on Nymex rose $1.09, or 2.5%, to settle at $44.96 a barrel. The dollar lost ground versus major rivals, aiding oil and other commodities. A weaker dollar makes commodities denominated in the U.S. unit cheaper to users of other currencies. The U.S. oil benchmark plunged nearly 7% last week, weighed down by a global supply overhang and uncertainty over demand, particularly out of China.
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