Oil climbs as dollar slumps but pandemic surge weighs

NEW YORK: Oil prices edged higher on Monday, supported by a weaker US dollar but concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains.

Brent crude was up 25 cents, or 0.4%, at $67.02 a barrel by 12:57 p.m. ET (1657 GMT), after rising 6% last week. West Texas Intermediate (WTI) US oil was up 22 cents, or 0.4%, at $63.35 a barrel, having gained 6.4% last week.

The US dollar traded at a six-week low versus major peers on Monday, with Treasury yields hovering near their weakest in five weeks.

With oil priced in dollars, a softer greenback could spur demand from holders of other currencies.