Oil edges higher on weaker dollar, demand optimism

Oil edged higher toward $64 a barrel, aided by a weaker dollar, as traders monitored a patchwork demand recovery from the pandemic.

West Texas Intermediate rose 0.3% in Asia after closing modestly higher on Monday. In the U.S., refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of coronavirus infections. The dollar fell for a sixth straight session on Monday, boosting the appeal of commodities priced in the currency.

Crude is up more than 30% in 2021 as investors bet the reopening of economies will stoke consumption and keep draining global inventories.