Oil prices edged higher on Monday, supported by a weaker US dollar but gains were capped by concerns about the impact on demand from rising coronavirus cases in India.
Brent crude settled up 28 cents, or 0.4%, at $67.05 a barrel, after rising 6% last week. West Texas Intermediate (WTI) US oil ended the session up 25 cents, or 0.4%, at $63.38 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.
A weaker dollar makes oil cheaper for holders of other currencies. However, Covid-19 cases have surged in India, the world’s third biggest oil importer and consumer, dampening optimism for a sustained global recovery in demand.
