Brent crude continued to rise as the US market opened on Monday, to head for the third straight daily gain, on hopes for the global demand to recover, especially as many countries are relaxing the coronavirus restrictions and lockdown.

Brent crude rose 2.1% to $42.50 a barrel, after opening at $41.64, and hit a day low of $41.61.

Brent crude futures rose 1.3% on Friday, after several OPEC-Plus members confirmed full compliance to the output cuts agreement.

Oil prices have gained 8% during the past week, posting the seventh weekly gain in 8 weeks, as the global supply glut fears eased.

After some success in containing the coronavirus, several countries started relaxing the coronavirus restrictions and began reopening their economies, which raised hopes for global fuel demand recovery.

The global oil demand has fell 30 million bpd or 30%, according to most international energy agencies, in what is now called the "Great Lockdown" of the global economy due to the coronavirus pandemic.

Silver prices rose on Monday, extending gains for the second day and touching a 2-week high, on safe-haven demand as the US dollar fell against its counterparts.

Silver prices rose 1.5% to the highest since June 11 at $17.99, after opening at $17.72, and hitting an intraday low of $17.63.

Silver rose 1.6% on Friday, posting the largest daily gain in a week, as most dollar-denominated metals rose.

Silver gained 0.9% during the past week, posting the second straight weekly gain, on strong safe-haven demand.

The US dollar index fell 0.4% today, to pull back from the 3-week high of 97.74 hit earlier, which lifts dollar-denominated metals.

The World Health Organization also reported a record surge in cases on Sunday, with 183,000 new cases within 24 hours, to a total of 9 million cases around the world.

The surge in coronavirus infection around the world, dampened hopes about the global economy's quick recovery from the downturn caused by the coronavirus impact, and ebbed investors' risk-appetite.

European stocks fell on Monday, on risk-aversion after a surge in coronavirus cases in the US, and new cases emerging in Germany, which spooked investors about a second wave of the deadly virus.

The Stoxx Europe 600 index fell 0.7% as of 11:25 GMT, after closing higher by 0.6% on Friday, thanks to oil prices rally and hopes of economic stimulus in Europe.

The Stoxx Europe index gained 4.25% during the last week, to post its fourth weekly gain in the five, on hopes about the European economy to achieve a quick recovery from the downturn caused by the coronavirus impact.

The pan European index opened lower today, with most European markets and sectors seeing red today.

The telecommunications sector saw the largest losses in Europe today, dropping by 1.5%, as most of the sectors' shares fell.

The US reported more than 30,000 new coronavirus cases on Saturday, the highest rate since May 1, according to Johns Hopkins University official data.

The World Health Organization also reported a record surge in cases on Sunday, with 183,000 new cases within 24 hours, to a total of 9 million cases around the world.

Infections also rose again in Germany, the Robert Koch Institute said that reproduction rate jumped on Sunday to 2.88% from 1.79% the previous day, and experts hope the rate will remain below 1% until the disease is contained.

S&P 500 futures fell 0.5%, after the index closed lower by 0.6% on Friday at Wall Street on profit-taking.

Back to Europe, the Euro Stoxx 50 index fell 0.8%, France's CAC 40 slipped 0.5%, Germany's DAX dipped 0.6%, and the UK's FTSE 100 fell 0.4%.

Sterling rose in European trade away from three-week lows against dollar as investors buy up riskier currencies on improving risk appetite. 

GBP/USD rose 0.6% to 1.2427, after marking the lowest since June 1 at 1.2335. 

Sterling lost 0.6% on Friday, the fourth daily loss in a row after decisions by Bank of England, expanding the stimulus program. 

Across last week, the pound lost 1.5%, the second weekly loss in a row on risk aversion. 

The Bank of England voted last week to maintain rates at the record low of 0.10% as expected while expanding the bonds purchases program to 745 billion pounds a month.  

The dollar index fell 0.3% on Monday on profit-taking away from three-week highs at 97.74, while heading for the first loss in five sessions.