Brent jumps 2%, hits 2-week high

Brent crude continued to rise as the US market opened on Monday, rising 2% to hit a 2-week high, resuming its rally after pausing on Friday, lifted by hopes of a global demand recovery and reaching the best market balance in July.

Brent crude rose 2% to the highest in 2 weeks at $43.68 a barrel, after opening at $42.84, and hit a day low of $42.79.

Brent crude futures fell 0.4% on Friday, posting their first daily loss in 5 days, on profit-taking and weak trade due to the closure of US markets in observance of a public holiday.

Oil prices posted 5% gains last week, thanks to a sharp drop in the US crude inventories that raised hopes about the US demand.

Brent prices jumped to 2-week high this week, on hopes of a global demand recovery from the coronavirus crisis, especially after the release of successive positive economic data in most major economies.

After the OPEC Plus coalition extended the global production cut by 9.7 million barrels per day in July, which is expected to help balance the market at the best point during the month.