Oil inches up despite surging Covid-19 infections

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London

Oil prices edged higher on Monday as the US dollar weakened, although concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains.

Brent crude was up 32 cents, or 0.5 percent, at $67.09 a barrel by early afternoon, after rising 6 percent last week.

West Texas Intermediate (WTI) US oil was up 41 cents, or 0.7 percent at $63.54 a barrel, having gained 6.4 percent 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, boosting prices.

Prices, however, were weighed down by new lockdown measures to combat rising coronavirus cases in India and other countries.

India reported a record rise in infections on Monday which lifted overall cases to just over 15 million, making the country the second-worst affected after the United States, which has reported more than 31 million infections.—AN