LONDON (Reuters) – Oil prices rose today, Monday, with the decline in the dollar, but the gains were limited by concerns that demand will be affected by the rise in Corona virus infections in India and other countries.
By 13.53 GMT, Brent crude was up 32 cents, equivalent to 0.5 percent, to $ 67.09 a barrel, after rising nearly 6 percent last week.
US West Texas Intermediate crude added 41 cents, or 0.7 percent, to $ 63.54 a barrel, after advancing 6.4 percent last week. The dollar hit its lowest in six weeks against major currencies today, with Treasury yields approaching their weakest in five weeks. In light of the pricing of oil in dollars, the decline in the US currency may stimulate demand from holders of other currencies, which will boost crude prices.
However, prices were affected by new lockdown measures aimed at combating the growing number of Coronavirus infections in countries including India. India announced an unprecedented increase in injuries today, bringing the total to just over 15 million injuries, the second highest in the world after the United States, which has so far recorded more than 31 million injuries.
#Oil #rises #demand #concerns