Oil Near $67 With Dollar Dipping and India Virus Cases Surging - Bloomberg

Oil Near $67 With Dollar Dipping and India Virus Cases Surging - Bloomberg

• Brent for June settlement traded down 0.2% at $66.65 a barrel as of 10:07 a.m. in London
• West Texas Intermediate for May was little changed at $63.05

Oil steadied near $67 a barrel as the benefits of a weaker dollar were offset by the sweep of the coronavirus pandemic across key importer India.

Brent futures traded little changed, paring an earlier decline as the dollar slipped, making commodities priced in the currency more attractive. Yet India reported record Covid-19 infections on Monday in a further blow to fuel demand.

Last week, crude futures were boosted by a wave of positive economic data from the U.S. and China, a drawdown in stockpiles, and optimistic assessments of the prospects for consumption over 2021 from both the Organization of Petroleum Exporting Countries and the International Energy Agency.