Oil prices continued to rise as the US market opened on Monday, for the second 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 during the fourth quarter, while the global demand accelerates, while the global output is kept unchanged without any hikes.

US crude rose 1.1% to the highest since October 2014 at $84.15 a barrel, after opening at $84.15, and hit a low at $83.79, and Brent crude rose more than 0.9% to the highest since October 2018 at $86.48 a barrel, after opening at $85.68, and hit a low at $85.44.

The US crude gained 1.9% on Friday, and Brent rose 1.1%, the third daily gain in 4 days, thanks to US demand hopes.

Oil prices gained 1.5% last week, the ninth straight weekly gain, in the longest weekly gains streak since 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.

The US commercial crude inventories fell unexpectedly in the week ending October 15, which a positive sign on demand and withdrawal levels.

Silver prices rose on Monday, for the second straight day, rising near a 6-week high, but today's gains are curbed by the US dollar's recovery against its rivals.

Silver prices rose 0.9% to $24.55 an ounce, after opening at $24.34, and hit a high of $24.27.

Silver closed higher by 0.7% on Friday, and hit a 6-week high at $24.82 an ounce.

Silver prices gained 4.3% last week, lifted by the US dollar's drop against a basket of its peers, and expectations of improved demand in China.

The dollar index rose 0.3% today, and rebounded from a 1-month low of 93.48 against a basket of major rivals, which weighs down on dollar-denominated metals prices.

This came due to growing odds that the Federal Reserve will start reducing its bond-buying program soon, which is an essential step before an interest rate hike.

The US dollar rose against a basket of currencies on Monday, and rebounded from the 4-week low hit earlier, amid strong demand due to expectations of accelerating inflation in the US, especially after oil prices rose to 7-year highs.

The dollar index rose 0.3% to 93.86 points, after opening at 93.65 points, and hit a low at 93.48 points.

The greenback fell 0.2% on Friday, after the Federal Reserve Chairman's statements.

Fed Chair Jerome Powell said "it’s time to taper and I don’t think it’s time to raise rates," especially as employment is still low, but he expected that inflation could subside next year.

The dollar index lost 0.4% last week, the second straight weekly loss, due to a slowdown in demand as the best available investment.

Oil prices jumped on Monday to a 7-year peak, which raised expectations of a continued acceleration in the US inflation rate, and increased inflationary pressures on the Federal Reserve.

The pressures may force the Fed to raise interest rates next year, which is on par with markets' expectations of hike by 25 basis points to the 0.50% in June 2022.

European stocks rose on Monday, extending gains for gains for the second straight session, rising near a 6-week high thanks to improved sentiment after the release of upbeat Q3 earning reports by major European banks.

The Stoxx Europe 600 index rose 0.1% as of 11:25 GMT, after closing higher by 0.5% on Friday, and hit the highest since September 7 of 473.32 points.

The pan European index gained 0.5% last week, the third straight weekly gain, thanks to record gains in Wall Street.

The mining sector saw the largest gains in Europe today, with a rise of more than 1.1%, as most dollar-denominated metal prices rose.

HSBC stock rose more than 1.0%, after the bank reported profits that topped analysts' expectations during the third quarter, which jumped 75.8% compared to the same period last year at $5.4 billion.

S&P 500 futures rose 0.3% today, after the index closed lower by 0.1% on Friday, on profit-taking from a record high 4,559.67.

Back to Europe, the Euro Stoxx 50 index rose 0.1%, France's CAC 40 rose less than 0.1%, Germany's DAX index rose 0.3%, and the UK's FTSE 100 rose 0.4%.