Oil continues to rise, Brent hits 3-year high

Oil prices continued to rise as the US market opened on Monday, for the fourth day in a row, as US crude jumped to its 7-year peak, and Brent crude rose to its 3-year high, due to concerns over a market deficit while the global demand accelerates, while the market absorbed OPEC-Plus decision to keep output unchanged without any hikes.

US crude rose 1.5% to the highest since October 2014 at $83.71 a barrel, after opening at $82.47, and hit a low at $82.47, and Brent crude rose more than 1.4% to the highest since October 2018 at $86.02 a barrel, after opening at $84.84, and hit a low at $84.84.

The US crude gained 1.3% on Friday, and Brent rose 1%, in the third straight daily gain.

Oil prices gained 3.25% last week, the eighth straight weekly gain, in the largest weekly gains streak since March 2015.

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.