Following a 6-percent weekly gain last week, oil prices were slightly up on Monday morning, erasing earlier losses as the U.S. dollar weakened again. As of 10:39 a.m. EDT on Monday, WTI Crude was up 0.32 percent at $63.30 and Brent Crude was trading up 0.19 percent at $66.88. The weaker U.S. dollar was supporting oil prices early on Monday as it makes oil cheaper to buy for holders of other currencies.
Price gains, however, were limited, in view of the second “tsunami” wave of COVID-19 cases in India, a major oil consumer and the third-largest…Oil Prices Rise On Weaker U.S. Dollar
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