Brent crude continued to rise as the US market opened on Monday, rising around 2% and near touching the 9-month high, on hopes of improved global demand for oil after the broad use of Covid-19 vaccines, which will help in containing the global pandemic that has hit fuel consumption.

Brent crude rose 2% to $50.78 a barrel, after opening at $49.86, with a low of $49.86.

Brent crude futures fell 0.8% on Friday, on profit-taking from the highest price since March at $51.04.

Oil prices gained 1.5% during the past week, in the sixth straight weekly gain, within the longest weekly gains streak since late April, thanks to positive news about Covid-19 vaccines.

The US Food and Drug Administration (FDA) on Friday officially approved the emergency use of the Pfizer-BioNtech Covid-19 vaccine, paving the way for a large-scale vaccination campaign.

This makes the US the sixth country to approve the use of the vaccine after Britain, Canada, Bahrain, Saudi Arabia and Mexico.

The European Medicines Agency is expected to approve the emergency use of the vaccine in Europe this week or next week at most.

Vaccination of the Chinese vaccine candidate developed by Sinopharm company began in many countries in Asia and the Middle East..

The widespread vaccination in most parts of the world would help in containing the global pandemic that has hit demand for fuel.

These developments raised prospects for fuel demand to improve after the expected easing of lockdown restrictions following the widespread use of vaccines.

Silver prices lost 1.5% in European trading on Monday, deepening losses for the second straight day near a 2-week low, due to weak safe-haven demand and strong investors' risk appetite.

Silver prices fell 1.5% to $23.66 an ounce, after opening at $24.00, and hit an intraday low of $24.01.

Silver lost 0.25% on Friday, its second daily loss in 3 days, as the US dollar rose against its peers.

During the past week, silver prices lost 1%, and posted the fourth weekly loss in 5 weeks, due to weak investment and actual demand for precious metals.

As this week kicks off, most global stock markets rallied thanks to the positive developments about the Covid-19 vaccines, and hopes about a trade deal between Britain and the European Union.

Consequently, the safe-haven demand slowed, which is reflected in the drop of precious metals, led by gold and silver, despite the US dollar's fall against a basket of its peers.

The US dollar fell on Monday, and hit its lowest level in two and a half years, while deepening its losses for the third straight day, due to a strong market sentiment and high demand for risky currencies, following the positive developments of the Covid-19 vaccines, and ahead of the Federal Reserve's policy meeting later this week. 

The dollar index fell 0.4% to its lowest since April 2018 at 90.43 points, after opening at 90.76 points, and hit an intraday high of 90.98 points.

The index lost 0.1% on Friday, its second straight daily loss, due to weak demand for the US currency.

However, the greenback gained 0.1% during the past week, and posted its first weekly gain within a month.

The sentiment continues to improved in most global financial markets, especially in stock and bond markets, thanks to the successive positive news about Covid-19 vaccines.

After the US Food and Drug Administration (FDA) approved the emergency use of the Pfizer-BioNtech Covid-19 vaccine, shipments of the vaccine began to be distributed to many US states, in preparation of the launch of a large vaccination campaign in the country on Monday.

This makes the US the sixth country to approve the use of the vaccine after Britain, Canada, Bahrain, Saudi Arabia and Mexico, and the European Medicines Agency is expected to approve the emergency use of the vaccine in Europe this week or next week at most.

Vaccination of the Chinese vaccine candidate developed by Sinopharm company began in many countries in Asia and the Middle East.

Later this week, the US Federal Reserve will hold its policy meeting, amid expectations to expand the bond-purchase programme.

European stocks rose on Monday, resuming gains after dropping for two sessions, rising again near a 10-month high, thanks to extending the Brexit talks between the UK and the EU, and the launch of a broad Covid-19 vaccination campaign in many parts of the world.

The Stoxx Europe 600 index rose 1.1% as of 11:37 GMT, after it closed lower by 0.6% on Friday on profit-taking from from a 10-month high of 396.61 points.

Alongside profit-taking, European stocks fell, led by the London market, due to stalled talks between Britain and the European Union.

Stoxx Europe index lost around 0.9% during the past week, and posted its first weekly loss in a month and a half, due to profit-taking and fears about a chaotic Brexit.

The pan European index opened higher today, near its 10-month high with most of the major European markets and sectors seeing green.

The banking sector saw the largest gains in Europe today, rising more than 2.5%, on hopes about the global economy.

The United Kingdom and the European Union agreed on Sunday to continue their trade negotiation, within efforts to secure a deal before the Brexit transition period ends on December 31.

After the US Food and Drug Administration (FDA) approved the emergency use of the Pfizer-BioNtech Covid-19 vaccine, shipments of the vaccine began to be distributed to many US states, in preparation of the launch of a large vaccination campaign in the country on Monday.

This makes the US the sixth country to approve the use of the vaccine after Britain, Canada, Bahrain, Saudi Arabia and Mexico, and the European Medicines Agency is expected to approve the emergency use of the vaccine in Europe this week or next week at most.

S&P 500 futures rose 0.75%, after the index closed lower by 0.1% on Friday at Wall Street, on profit-taking from the record high of 3,712.39 points.

Back to Europe, the Euro Stoxx 50 index rose 1.25%, France's CAC 40 rose 1.2%, Germany's DAX rose over 1.3%, and the UK's FTSE 100 rose 0.5%.