Oil continues to rise, Brent jumps to 3-year high

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.