(April 12): Oil was steady near US$59 a barrel in Asian trading after Federal Reserve Chair Jerome Powell said the U.S. economy was poised for stronger growth, while cautioning that Covid-19 still remains a threat.

Futures in New York climbed 0.3% after dropping 3.5% last week. The economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell said in an interview with CBS’s “60 Minutes,” adding that the principal risk was a spreading virus. That’s been highlighted in other regions including parts of Europe, while a second wave in India is overwhelming the health system.