Oil continues to rise as Brent hits 13- month peak

Oil prices continued to rise as the US market opened on Monday, extending gains for the second straight day, as the US crude jumped above $60 for the first time in 13 months and Brent hit its 13- month peak, thanks to hopes about the US huge stimulus measures to overcome the Covid-19 pandemic.

US crude rose 2.2% to the highest level since January 2020 at $60.92 a barrel, after opening at $59.61, and hit a low of $59.61, and Brent crude rose 1.5% to the highest since January 2020 at $63.64 a barrel, after opening at $62.82, and hit a low of $62.82.

US crude rose 3% on Friday, while Brent crude futures rose 2.9%, in their first daily gain in 3 days thanks to hopes over a global economic recovery.

Oil prices gained 5% last week, in the second straight weekly gain tanks to a large draw in the US crude inventories.

The US Congress is about to pass President Joe Biden's $1.9 trillion Covid-19 relief package, as many Republican senators approved the plan.

Oil prices were lifted in recent weeks thanks to the OPEC-Plus coalition's output cuts and a recovery in demand after easing the Covid-19 lockdown restrictions, in addition to the Saudi Arabia's decision to voluntarily cut its oil production 1 million barrels per day in February and March.