Oil Flips Between Gains and Losses in Wake of India Virus Surge - Bloomberg

Oil Flips Between Gains and Losses in Wake of India Virus Surge - Bloomberg

West Texas Intermediate for May settlement, which expires Tuesday, slipped 2 cents to $63.11 a barrel at 10:44 a.m. in New York The more-active June contract increased fell 2 cents to $63.17 a barrel Brent for June delivery slid 11 cents to $66.66 a barrel Oil seesawed between small gains and losses with a weaker dollar and the spread of Covid-19 in key importers such as India acting as opposing forces. Futures in New York traded in a tight $1 range on Monday. Global Covid-19 cases hit a weekly record, and in India, a key refiner slashed oil processing rates with the virus rapidly spreading and lockdowns crimping fuel use in the country. The Bloomberg Dollar Spot Index weakened, boosting the appeal of commodities priced in the currency. “The dollar is down for a sixth day in a row, providing a tailwind,” said Bob Yawger, head of the futures division at Mizuho Securities. “Demand construction in the U.S. provides reason to be optimistic,” but the virus situation elsewhere continues to raise concern.