Brent crude continued to rise as the US market opened on Monday, rising more than 3%, and resuming recovery after hitting a 4-month low on Friday, which comes after Saudi Arabia raised official selling prices for crude sold to Asia and the US, and news about Iran's nuclear talks reaching a dead-end.

Brent crude rose 3.3% to $72.21 a barrel, after opening at $69.88, and hit a low at $69.87.

Brent fell 0.8% on Friday, as the recovery attempts from a 4-week low halted.

Oil prices lost 3.5% last week, the sixth straight weekly loss, in the longest weekly losses streak since October 2018.

The longest weekly losses streak in 3 years came due to renewed fears about a market surplus, especially after many major oil consumers decided to release from their strategic oil reserves, and OPEC-Plus decision to continue increasing production despite the emergence of the Omicron Covid variant and its impact on fuel demand.

Saudi Arabia raised official selling prices for all crude grades sold to Asia and the US by up to 80 cents from the previous month.

This comes despite the spread of the new Omicron Covid variant in most parts of the world, but news from South Africa indicate the variant has shown mild symptoms in patients.

This came in addition to lower chances of Iranian oil exports making a return after the indirect US-Iranian talks on reviving the 2015 Iran nuclear deal reached a dead-end.

European officials on Friday expressed dismay at sweeping demands by Iran's new government, but talks are expected to resume by the middle of this week.

Silver prices fell on Monday, resuming losses after the recovery attempts from a 2-month low halted, weighed down by the US dollar's rise against its peers, and weak demand in China.

Silver prices fell 1.2% to $22.29 an ounce, after opening at $22.58, and and hit a day high at $22.59.

Silver closed higher by 0.7% on Friday, within recovery attempts from a 2-month low of $22.03 hit on Thursday.

Silver prices rose on Friday after disappointing US jobs data for November.

Silver prices lost 2.5% last week, the third straight weekly loss, due to weak demand in China.

The dollar index rose 0.2% on Monday for the fourth straight session against a basket of major rivals.

The Chinese authorities continue to impose measures to support the economic recovery, as the country is on track for the worst growth rate in a long time.

European stocks rose in early trading on Monday, to head for the first gain in 3 session, thanks to improved investor sentiment, as concerns about the Omicron variant eased.

The Stoxx Europe 600 index rose 0.5% as of 10:55 GMT, after closing lower by 0.6% yesterday, due to a sell-off in the tech sector.

The pan European index lost 0.3%, in the third straight weekly loss, due to concerns over Omicron.

The energy sector saw the largest gains in Europe today, with a rise of nearly 1.5%, as oil prices rose.

The South African Medical Research Council published that early observations in Pretoria showed that most Covid-19 patients are not dependent on receiving oxygen.

S&P 500 futures rose 0.5% today ahead of Wall Street's opening, after the index lower 0.2% on Friday weighed down by tech stocks.

Back to Europe, the Euro Stoxx 50 index rose 0.5%, France's CAC 40 rose 0.7%, and Germany's DAX index rose 0.3%, while the UK's FTSE 100 rose 0.9%.

Gold prices fell on Monday, resuming losses after the recovery attempts from a 4-week low halted, weighed down by the US dollar's rise against its peers.

Gold prices fell 0.4% to $1,777.75, after opening at $1,784.62, and hit a day high at $1,787.70.

Gold closed higher by 0.8% on Friday, within recovery attempts from a 4-week low of $1,761.78 hit on Thursday.

Gold prices rose on Friday after disappointing US jobs data for November.

Gold prices lost 0.3% last week, the third straight weekly loss, due to weak demand as a safe haven.

The dollar index rose 0.2% on Monday for the fourth straight session against a basket of major rivals.

The gains come after several Federal Reserve officials' statements boosted the chances of accelerating the US monetary policy tightening.

Gold stocks at the SPDR ETF fell 1.79 metric tonnes yesterday, with the total at the lowest level since last November 17 of 984.38 metric tonnes.