Brent approaches $60 on global demand hopes

Brent extended gains as the US market opened today, for the second day in a row, heading for the $60 mark, on hopes of improved global demand, after several governments announced stimulus plans to counter recession risks in addition to concerns about Saudi Arabia's supply disruption.

As of 13:15 GMT, Brent rose to $59.40 a barrel from the opening of $58.72, with a high of $59.62, and a low of $58.65.

Brent futures rose by 0.5% on Friday, as US economy slowdown fears eased.

Global oil demand hopes rose after several governments announced stimulus plans to counter recession risks 

As in China, the People's Bank on Saturday announced an interest rate reform and a cut in corporate borrowing costs, to stimulate the economy to recover from the trade war impacts, while the German government expressed its readiness to spend about 50 billion euros to face any future economic crisis.

Saudi Arabia's supply disruption concerns were renewed due to the mounting geopolitical tensions, especially after an attack by the Yemeni Houthi group on an oil field in eastern Saudi Arabia on Saturday, which have caused a fire at a gas plant.