Oil steady as European recovery support countered by Indian virus surge

LONDON: Oil prices were broadly steady on Friday with support from a European economic recovery countered by concerns about the record surge of coronavirus infections in India.

Brent crude dipped 2 cents, or less than 0.1%, to $65.38 a barrel at 1335 GMT, while US West Texas Intermediate (WTI) US crude gained 6 cents, or 0.1%, to $61.49 a barrel.

Euro zone Purchasing Managers’ Index (PMI) data for April showed a stronger than expected recovery and more European states began easing coronavirus lockdowns. France said schools would reopen on Monday.

“Stronger PMIs across Europe, a weaker US dollar, and some European countries planning to ease some of their restrictions are slightly supporting oil prices,” UBS oil analyst Giovanni Staunovo said.