Oil slips towards $59 as investors weigh near-term demand outlook

Oil dropped toward $59 a barrel as investors assessed the near-term demand outlook amid a Covid-19 flare-up in some regions, while a rising dollar reduced the appeal of commodities priced in the currency.

Futures in New York lost 0.5 per cent on Monday after falling 3.5 per cent last week. Federal Reserve Chair Jerome Powell told CBS’s “60 Minutes” that the US economy was poised for stronger growth, but he cautioned that the virus still remains a threat. That’s been highlighted in other regions including parts of Europe, while a second wave in India is overwhelming the health system.

Indian gasoline consumption,